Workhaus Co-Working Inc., a coworking and flexible office space provider with over 11 locations across Toronto—including the Financial District, Downtown West, and North York—as well as in Calgary and Kitchener-Waterloo, filed an NOI on June 3 listing approximately $8.63 million in liabilities, the majority owed to landlords.
Workhaus offers a full range of workspace solutions, including 24/7 access to hot desks, dedicated desks, private offices, corporate packages, virtual offices, and meeting rooms. The company’s membership base spans freelancers to large enterprises, who benefit from the company’s networking events, workshops, wellness programs, concierge services, and on-site staff.
Workhaus’ business was significantly impacted by the COVID-19 pandemic, which disrupted commuting patterns and in-person work. This led to material cashflow challenges and a significant build-up of unpaid rent.
While business volumes have largely recovered, Workhaus requires a global arrangement with creditors to de-leverage its balance sheet and emerge as a viable going concern.
Prior to the NOI filing, Workhaus successfully negotiated and entered into lease amending agreements with all of its landlords, setting the foundation for its post-filing operations.
The proposal process is intended to enable Workhaus to restructure its debt and emerge as a viable going concern, and maximize recovery for landlords and creditors.
B. Riley Farber is the proposal trustee.
Counsel is Perley‑Robertson, Hill & McDougall for Workhaus.
