Steve Grzanich has the business news of the day with the Wintrust Business Minute.
In 2019, WeWork was one of the largest office tenants in downtown Chicago. Now, the company is on the verge of bankruptcy. The company could file for Chapter 11 bankruptcy protection by next week. WeWork’s footprint in Chicago was more than one million square feet in 2019, making it the largest tenant leasing office space downtown. The company has now entered into an agreement with creditors to temporarily postpone repayment of some debt. WeWork reportedly has long-term debt of nearly $3 billion as of June in addition to more than $13 billion in long-term leases.
Also, a 143-room hotel is being planned in the heart of Chicago’s Fulton Market District. Listen for more below: