Shares in WeWork were suspended on Monday as Wall Street braced for the shared office space provider to file for bankruptcy.
Trading in the struggling company’s stock was halted ahead of the opening bell on the New York stock exchange, following reports it was preparing to lodge a filing for Chapter 11 protection.
By late morning in New York, with trading in other US-listed stocks well under way, WeWork had yet to release a statement.
The beleaguered company, once valued at $47bn on the private market, has endured a 98% decline in its share price this year, leaving it with a capitalization of less than $50m. In August, it raised “substantial doubt” that it could continue to operate as it grappled with $2.9bn in net long-term debt and more than $13bn in long-term leases.