WeWork has been given additional time to produce financial statements and schedules required as part of its filing for bankruptcy protection in the US.
The co-working company filed for Chapter 11 last week. Alongside the filing, the company requested that the New Jersey courts extend the period in which it has to file schedules of assets and liabilities, contracts and unexpired leases, and statements of financial affairs to 60 from 14 days.
The extension has now been approved, giving WeWork until early January to produce the paperwork.
“The debtors [WeWork itself], with the assistance of their professional advisers, are mobilising their employees to work diligently and expeditiously on preparing the schedules and statements, but resources are strained,” the original extension request said.
“The ordinary operation of the debtors’ business requires the debtors to maintain voluminous books, records and complex accounting systems. To prepare the schedules and statements, the debtors must compile information from those books and records, and from documents relating to the claims of thousands of creditors, and the debtors’ many assets and contracts.
“This information is extensive and located in numerous places throughout the debtors’ organisation. Collecting the necessary information requires an enormous expenditure of time and effort on the part of the debtors, their employees, and their professional advisers in the near term.”
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