WeWork targets Chapter 11 exit in US, Canada by May 31

(Reuters) -WeWork said on Tuesday it was looking to emerge from Chapter 11 bankruptcy in the U.S. and Canada by May 31 and that it had negotiated more $8 billion, or over 40%, reduction in rent commitments from landlords.

The shared office space provider, once privately valued at $47 billion, filed for bankruptcy in November.

WeWork’s post-bankruptcy business plan is premised on a significant reduction in future rent costs from its landlords.

The SoftBank-backed company expanded at breakneck speed but racked up losses on its long-term lease obligations as more people began working from home during the pandemic and demand for office space plunged.

(Reporting by Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar)