The shares of co-working space provider WeWork Inc. slid 30% on Tuesday during after-hours trading following a Wall Street Journal report.
Sources with knowledge of the matter told WSJ that the company is expected to file for bankruptcy as soon as next week. WeWork failed to pay interest to its bondholders back on October 2. With this, a grace period of 30 days commenced. On Tuesday, the firm made a deal with bondholders to extend the period for another seven days, obtaining more time before a default is activated.
WeWork's stock nosedived 30.26% at 4:50 pm ET, going for $1.59 apiece.
