WeWork emerges from bankruptcy with John Santora as new CEO

WeWork emerged from bankruptcy with new leadership in place, including John Santora as the new CEO. The company has shed over $4 billion in debt, raised $400 million in equity capital, and reduced future lease obligations by half, expecting $12 billion in future savings. WeWork's restructuring has led to a smaller real estate footprint, down from 770 locations across 39 countries. The demand for co-working spaces remains strong, but WeWork faces competition and the challenge of evolving consumer needs. The company's reemergence comes at a time when overall demand for office space is weak, making it difficult for landlords to fill vacancies. WeWork's previous struggles were attributed to overexpansion, mounting debt, and unsustainable real estate costs. Santora is WeWork's fourth permanent CEO in five years, taking over from David Tolley. The company has renegotiated leases and exited unprofitable locations as part of its restructuring efforts. WeWork's downsizing has reduced annual rent and tenancy expenses by over $800 million, with a portfolio now spanning 600 locations across 37 countries.