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C Street Advisory Group is handling WeWork as the office-sharing company files for Chapter 11, falling victim to the transition to work-from-home and high lease costs.
The company, which had a market valuation of $47B in 2019, was worth $45M at the Nov. 6 restructuring filing.
It is counting on the success of a “value maximizing lease rejection plan” to position for operational and financial success.
CEO David Tolley promised to aggressively address WeWork’s legacy leases and dramatically improve its balance sheet.
“We defined a new category of working, and these steps will enable us to remain the global leader in flexible work,” he said.
Tolley said WeWork “has a strong foundation, a dynamic business and a bright future.”
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
