WeWork Canada GP ULC et al., Interim Stay Order
WeWork Canada GP ULC et al., the Canadian entities of the larger WeWork group, a global leader in flexible workspaces, obtained an order granting an interim stay in Canada after filing a Chapter 11 petition in the US, triggering an automatic stay there. WeWork Inc., the ultimate parent of the group, is an American publicly-traded company headquartered in New York City. WeWork operates approximately 770 locations in over 30 countries, including 220 locations in the US and 20 locations in Canada (in Toronto, Vancouver, Burnaby, Calgary and Montreal). It has faced significant financial issues due to the changing commercial real estate landscape, unsustainable lease agreements, and a slower than anticipated return to office after the COVID-19 pandemic. The Chapter 11 proceedings will be the primary forum in which WeWork will seek to complete a global restructuring of its funded indebtedness, rationalize its lease portfolio, and right-size the balance sheet. A&M is the information officer. Counsel is Goodmans for the company, Osler for A&M as information officer, TGF for OMERS, Daoust Vukovich for Hoopp Realty and Gowlings for Ivanhoe Cambridge.
By: Dina Milivojevic