WeWork’s creditors are uncomfortable with the thought of Adam Neumann regaining control of the co-working giant.
Several have pointed out that his approach could complicate WeWork’s bankruptcy process and confuse its landlords.
“He’s late, with very little plan and his timing is abysmal. And we’ve told him that,” one person involved in the bankruptcy proceedings said. “He’s just not hearing it.”
WeWork has been aggressively negotiating or rejecting leases since November, slashing its annual rent expenses by more than $330m. It plans to hand over a restructured company to creditors by wiping away nearly all its $4.2bn of debts in bankruptcy.
Neumann says his proposal is the best route for creditors to recover their money, and must be considered.
