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uhsguy · 1473 days ago · link · · parent · post: WeWork Skips Some Rent Payments as Coronavirus Undermines Revenue
Well it does because if they could go after the the core asset then the landlord could force then into liquidation and restructuring a lot faster. This way they can exist as a zombie for years to come and do things on their own terms. They may actually end up alright after they reduce their leases and debt though aggressive cram downs and restructuring, woe to anyone that is owed money or has them as a tenant though. I would assume that whoever their current landlords are will also go bankrupt and their creditors will get stuck with the losses.