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At least 4 buildings burned at Jasper Park Lodge, others damaged: Fairmont memo
The Fairmont Jasper Park Lodge said Thursday afternoon most of its structures are 'standing and intact,' including its iconic main lodge.
WeWork said on Tuesday it aimed to emerge from Chapter 11 bankruptcy in the U.S. and Canada by May 31 and had negotiated more than US$8 billion, or over 40 per cent, reduction in rent commitments from landlords.
The shared office space provider, once privately valued at US$47 billion, filed for bankruptcy in November as it racked up losses on its long-term leases after demand for office space plunged during the pandemic and from a shift to hybrid working.
The SoftBank-backed company's post-bankruptcy business plan is premised on a significant reduction in future rent costs from its landlords.
The company said on Tuesday it had agreed to amend about 150 leases with better economic terms, such as reduced rent payments, and it is in the process of exiting another 150 leases. The company will maintain 150 leases without change, and it is still negotiating with landlords for about 50 additional locations.
WeWork’s lease negotiations will allow the company to exit from bankruptcy as a leaner business, ready to provide workspaces that will benefit both employers and landlords during a period of uncertainty in commercial real estate markets, according to WeWork's global head of real estate, Peter Greenspan.
"The need for these types of services and spaces has only increased, so it is a good time to go through this process with the landlords and rethink how we monetize all this office space that used to be filled with traditional, long-term leases," Greenspan said in an interview.
WeWork did not exit any geographic markets when it scaled back its leases, instead pulling back in some cities, like New York, where the company grew too fast or experimented with other products outside of its core coworking space business, Greenspan said.
WeWork in November reached an agreement with more than 90 per cent of its bondholders to convert US$3 billion of debt into equity. SoftBank, which currently owns about 70 per cent of the company, would retain an equity stake under the proposed restructuring.
Meanwhile, WeWork co-founder Adam Neumann has submitted a bid of more than US$500 million to buy back the company, with the financing process currently unclear. WeWork declined to comment on Neumann's specific bid, saying it receives and reviews "expressions of interest from third parties on a regular basis."
Under Neumann, WeWork rapidly expanded to become the most valuable U.S. startup. But his pursuit for growth at the expense of profit and revelations about his eccentric behavior led to his ouster and derailed an initial public offering in 2019.
(Reporting by Dietrich Knauth in New York, Ananta Agarwal and Nathan Gomes in Bengaluru; Editing by Sriraj Kalluvila and Nick Zieminski)
The Fairmont Jasper Park Lodge said Thursday afternoon most of its structures are 'standing and intact,' including its iconic main lodge.
Scotiabank says it has fixed a technical issue that impacted direct deposits on Friday morning.
Police in Mississauga are conducting a full-scale search of the city’s biggest park for a non-verbal toddler who went missing Thursday evening. Sgt. Jennifer Trimble told reporters Friday morning that there has been no trace of three-year-old Zaid Abdullah since 6:20 p.m., when he was last seen with his parents in Erindale Park, near Dundas Street West and Mississauga Road.
Saskatchewan’s Court of Appeal has denied a political group that opposes so-called “gender ideology” intervener status in a legal dispute over the province’s controversial pronoun law.
A hearing in the case of Justin Timberlake being accused of driving while intoxicated was held Friday, where an attorney for the singer disputed his arrest in June.
Vivian Jenna Wilson, Elon Musk's estranged daughter, publicly refuted several recent anti-trans statements her Tesla CEO and X owner father has made about her.
French transport was thrust into chaos Friday just hours ahead of the Olympics 2024 opening ceremony after a series of co-ordinated 'malicious acts' upended high-speed train lines.Here's what happened and what we know so far.
Last year, reported child pornography cases increased by more than 50 per cent in Canada, in part due to more cases being sent to police by specialized internet child exploitation units, according to a Statistics Canada report.
A new study published Thursday in the journal JAMA Network Open has found that the ending in the 2023 blockbuster film 'Barbie' had an influence on online search interest in terms around gynecology, the branch of medicine that deals with women’s reproductive health.
As fire threatened people in Jasper National Park, Colleen Knull sprung into action.
Video posted to social media on Thursday morning appears to show the charred remains of a Jasper, Alta., neighbourhood.
A Saskatchewan-born veteran of the Second World War was recently presented with France's highest national order.
A local First Nations elder and veteran is helping to bring the Ojibwe language to a well-known film for the first time.
A cat who fled her Montreal home nearly a decade ago has been reunited with her family after being found in Ottawa.
A woman in Waterloo, Ont. is out thousands of dollars for a car crash she wasn’t involved in.
A swarm of bees living in a lamppost in Winnipeg’s Sage Creek neighbourhood has found a new home for its hive.
Around 100 acres of Manitoba Crown Land near the Saskatchewan border is being returned to the Métis community.
Nova Scotia is suspending the licensed Cape Breton moose hunt for three years due to what the province is calling a “significant drop” in the population.