(Recasts, adds entry on bankruptcy filing) Nov 6 (Reuters) – WeWork, the SoftBank Group-backed startup, sought U.S. bankruptcy protection on Monday after its bets on companies using more of its office-sharing space soured. Below is a timeline of WeWork developments since mid-2019: Aug 2019 WeWork filed for an IPO and published detailed financial statements that showed it lost almost $700 million in the first half of 2019 while doubling its revenue. Sept 2019 WeWork said it planned to proceed with an investor roadshow for its IPO, despite concerns over the valuation it could achieve in a listing. Sept 2019 WeWork said it planned to list its stock on Nasdaq and announced changes to its corporate governance, including curbs in the voting power of then CEO Adam Neumann. Sep 2019 Co-founder Neumann agreed to resign as CEO, bowing to pressure from some investors. Sep 2019 WeWork filed to withdraw its IPO as the potential valuation dropped to as low as $10 billion, from $47 billion in January 2019. Nov 2019 WeWork said it would lay off around 2,400 employees globally as it sought to drastically cut costs and stabilize its business. Feb 2020 WeWork named real estate industry veteran Sandeep Mathrani as its new CEO. Mar 2021 WeWork disclosed in a presentation to prospective investors that it had lost $3.2 billion in 2020. Mar 2021 WeWork agreed to go public through a merger with blank-check firm BowX Acquisition Corp Oct 2021 WeWork went public via a SPAC deal. May 2022 WeWork appointed Andre Fernandez as its CFO, replacing Benjamin Dunham. Nov 2022 WeWork said it would exit about 40 underperforming U.S. locations. Jan 2023 WeWork said it would cut about 300 roles globally as part of efforts to cut back on underperforming locations. Mar 2023 WeWork struck deals to cut debt by about $1.5 billion and extend the date of some maturities, in a bid to preserve cash as it felt the heat of mass layoffs on its business. Apr 2023 WeWork received a non-compliance notice from the New York Stock Exchange, as its stock closed below $1 on average over a consecutive 30 trading-day period. May 2023 WeWork said CEO Sandeep Mathrani would step down, effective May 26. May 2023 CFO Andre Fernandez said he would resign on June 1, less than a year into the role. Aug 2023 WeWork raised “substantial” doubt about its ability to continue as a going concern, and said three board members had stepped down. Aug 2023 WeWork said it would proceed with a one-for-forty reverse stock split to regain compliance with listing requirements. Sept 2023 WeWork started a process to negotiate favorable terms with its landlords and planned to exit underperforming locations. Oct 2023 WeWork decided to withhold interest payments of about $95 million related to some of its notes. Oct 2023 WeWork named interim Chief Executive David Tolley as its CEO. Oct 2023 WeWork said Chief Operating Officer Anthony Yazbeck would step down from that role and also as the company’s president on Oct. 20. Oct 2023 WeWork withheld interest payment of about $6.4 million on some of its notes. Oct 2023 WeWork planned to file for bankruptcy in the first week of November, a source familiar with the matter said. Nov 2023 WeWork said it sought U.S. bankruptcy protection and entered a restructuring agreement to wipe out about $3 billion of secured debt. (Reporting by Kannaki Deka and Shubham Kalia in Bengaluru; Editing by Milla Nissi, Varun H K and Jamie Freed)
