WeWork, reworked: How the co-working firm emerged from bankruptcy

WeWork emerged from bankruptcy proceedings in mid-June after a seven-month sprint to right its balance sheet.

By the co-working firm’s account, the effort was a success. WeWork slashed $4 billion in debt, gained an equity partner in Yardi Systems and exited Chapter 11 with a revamped C-suite headed by Cushman & Wakefield veteran John Santora.

When it came to cutting costs, much of the legwork was in conversations with landlords. The co-working firm’s top brass spoke with 500 office owners worldwide to hash out new lease terms.

“What we had built up over the past decade was a very large portfolio of leases, many of which were very costly and inflexible,” Peter Greenspan, WeWork’s global head of real estate, said.

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RSK: Very interesting. Some ideas if you need to renegotiate your own lease(s).