WeWork files for Chapter 11
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 7 November 2023
⏱️ 6 minutes
🧾️ Download transcript
Summary
Episode transcripts seekingalpha.com/wsb.
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Tuesday, November 7th, and I'm your host Julie Morgan. |
| 0:12.0 | We work files for Chapter 11 bankruptcy protection. |
| 0:15.6 | Lucid is joining other car companies |
| 0:17.9 | to adopt a standard of charging, |
| 0:20.1 | and GM is hitting the breaks on the origin. |
| 0:23.0 | We work filed for Chapter 11 bankruptcy protection in a New Jersey federal court on Monday. |
| 0:29.0 | The filing came after trading in the stock was halted on Monday afternoon for news pending. |
| 0:35.0 | We work said it entered into a restructuring support agreement with 92% of its secured note holders. |
| 0:42.0 | We work says it is requesting the ability to reject the leases of certain locations, |
| 0:47.6 | which are largely non-operational, and all affected members have received advanced notice. |
| 0:53.6 | The company CEO said now is the time to pull the future forward by aggressively addressing |
| 0:58.8 | legacy leases and dramatically improving their balance sheet. |
| 1:02.6 | We work locations will continue to operate during the restructuring. |
| 1:06.9 | At one point the company had a market cap of $47 billion. |
| 1:12.0 | Lucid Group announced on Monday that all of the company's |
| 1:14.9 | vehicles built with the current combined charging system will be able to |
| 1:18.9 | charge at stations in the Tesla supercharger network by using an adapter in 2025. |
| 1:25.0 | In addition, Lucid will integrate the North American charging standard into future vehicles also in 2025. |
| 1:32.0 | CEO Peter Rawlinson called adopting Tesla's NACS standard |
| 1:36.6 | an important next step to providing customers |
| 1:39.2 | with expanded access to reliable and convenient charging solutions for their lucid vehicles. |
... |
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