WeWork secures new tenants, fills more space at 21 Collyer Quay, Suntec City post-bankruptcy
The co-working operator is upbeat about its prospects in Singapore and globally
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[SINGAPORE] A year after emerging from bankruptcy, US co-working operator Wework is optimistic that it is in fit shape, now that it has eliminated debt and secured new tenants.
Speaking to The Business Times, WeWork’s regional president for the United Kingdom, Ireland, Europe, the Middle-East and Africa and the Asia-Pacific, Luke Armstrong said: “Today we operate with no debt and we self-fund all our capital-improvement projects.”
The company said its earnings before interest, taxes, depreciation and amortisation (Ebitda) has turned positive, and that it has eliminated more than US$4 billion of debt. It has also set aside US$80 million to US$100 million to redesign WeWork outlets globally: It plans to rework office layouts to better attract small and medium-sized businesses and invest in technology solutions for its buildings.
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