WeWork shares halted for news pending

(Sharecast News) - Shares in office-sharing firm WeWork were suspended on Monday after it tumbled on reports it could file for bankruptcy as early as this week. The shares were suspended at 0851 GMT. A notice on the New York Stock Exchange website said there was "news pending".

Last week, the Wall Street Journal reported that WeWork - which was once valued at $47bn - was set to file for Chapter 11 bankruptcy as soon as this week.

WeWork said in August that there was "substantial doubt" over its ability to stay in business. At the time, interim chief executive David Tolley warned of "excess supply in commercial real estate, increasing competition in flexible space and macroeconomic volatility" and softer demand.

WeWork was on the brink of collapse in 2019 after it failed to carry out an initial public offering. It was bailed out by Japan's SoftBank, which became the company's largest shareholder and a major creditor.