WeWork, the SoftBank-backed flexible workspace provider, is planning to file for bankruptcy as early as next week, according to reports from the Wall Street Journal and Reuters. The news has caused WeWork's shares to plummet 37% in pre-market trading. The company had recently agreed with creditors to extend a grace period for interest payments on its debt, but a bankruptcy filing would be a significant setback for the once-valued $47 billion company and a blow to SoftBank, which has invested heavily in WeWork. WeWork has been struggling for years, facing financial losses and difficulties in recovering from a failed IPO in 2019. The company has seen its shares drop 96% this year, and its ability to stay in business has been in doubt. In the first half of this year, WeWork reported a loss of $694 million.
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