WeWork India clarifies it is independent of bankrupt global business, not impacted by WeWork's bankruptcy 

WeWork India put out a clarification on Tuesday that it operates independently of WeWork Global and is not impacted by the latter’s bankruptcy. 

In a note posted on microblogging site X, erstwhile Twitter, WeWork India said, "WeWork India is a separate entity from WeWork Global. The recent Chapter 11 filing will not impact our members and stakeholders in India. We will continue to operate and serve our members, landlords, and partners as usual. Committed to the growth and success of our business.”

The coworking real estate company WeWork India said that its global unit has filed for bankruptcy in the US, along with recognition proceedings in Canada in a step towards improving its business' economics. This would not impact the India business as they operate independently of the global unit.

"The process restructures the debts and the leases of WeWork Global in the US and Canada," WeWork India said.

The company also noted that until the bankruptcy proceedings go on, they have the legal rights to use the brand name ‘WeWork’.

The statement by the Indian company read, “During this period, we will continue to hold the rights to use the brand name as part of the operating agreement, while serving our members, landlords, and partners as usual.”

WeWork Global has real estate presence across 777 locations in 39 countries, but the company has remained unprofitable, as of June 30. 

On the other hand, WeWork India has been profitable since 2021, the statement read. Moreover, WeWork India is backed by real estate developers Embassy Group, who hold a majority stake in the company. 

WeWork Global filed for Chapter 11 bankruptcy protection in the New Jersey federal court on Monday. The company noted that it had entered into agreements with the vast majority of its secured note holders and that it intended to trim “non-operational” leases.

The bankruptcy filing is limited to WeWork’s locations in the U.S. and Canada, the company said in a press release. The company reported liabilities ranging from $10 billion to $50 billion, according to a bankruptcy filing.

“I am deeply grateful for the support of our financial stakeholders as we work together to strengthen our capital structure and expedite this process through the Restructuring Support Agreement. We remain committed to investing in our products, services, and world-class team of employees to support our community,” WeWork CEO David Tolley said in a press release."