Short-term office provider IWG is looking to close at least one-fifth of its 52 work centers in New York City as the parent company prepares to throw its Regus subsidiary into bankruptcy in the U.K., TRD reported.
- Backdrop: Regus recently closed what it called its flagship business center at Sage Realty’s 747 Third Avenue. The company also closed a location at TF Cornerstone’s 387 Park Avenue South, and filed for bankruptcy protection for its space at 287 Park Avenue South.
- Bond market views WeWork in similar light: The company’s $669 million of 7.875% senior unsecured notes due May 2025 last traded at 64 cents on the dollar. Without SoftBank’s continuous everlasting bailout, the co-working firm would be bankrupt.
- Worth Noting: As of last week, Regus had put 103 work centers across the U.S. into bankruptcy. [TRD]