💥Blown into BK💥
Updates: WeWork, BowFlex, 2U Inc, TUP. Plus: A Pair of Chapter 11s.
More parties are joining the circus that is WeWork Inc.
Two weeks ago we talked about the dispute between the WeWork debtors and their landlords relating to unpaid post-petition rent as well as a “surprise” appearance by Adam Neumann:
Well, we’ve now got an appearance from an ad hoc group of holders of 7.875% senior unsecured notes due 2025 (the “Ad Hoc Group”), represented by Brown Rudnick LLP (Robert Stark, Bennett Silverberg, Sharon Dwoskin, Matthew Sawyer) and McCarter & English LLP (David Adler).
Wait who?
These guys:
We haven’t heard much from or about these guys because, well, here’s where those notes sit in WeWork’s grotesquery of a cap stack:
But what do they want?