WeWork Plunges Toward Bankruptcy After Failed IPO and Mounting Losses
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WeWork's shares plunged 37% in pre-market trading following bankruptcy reports.
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The company is considering filing for Chapter 11 bankruptcy as early as next week due to mounting losses.
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WeWork agreed to extend a grace period on making interest payments on some debt.
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A bankruptcy would be a major blow to SoftBank, which has invested billions into the startup.
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WeWork struggled to recover from a failed IPO attempt in 2019 and continues to burn through cash.
