A WeWork logo is seen outside its offices in the Queens borough of New York City, U.S., November 7, 2023. WeWork managed to renegotiate 590 leases before filing for bankruptcy, saving about $12.7 billion in future rent payments. WeWork said it is seeking to renegotiate terms on other leases with 400 landlords. U.S. bankruptcy laws gives debtors enormous leverage to walk away from leases, according to Ann Chandler, a real estate attorney. WeWork entered bankruptcy with approximately $164 million of cash on hand, according to court filings.

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Persons: Shannon Stapleton, WeWork, Ann Chandler, Chandler, John Sherwood, Dietrich Knauth, Alexia Garamfalvi, Aurora Ellis Organizations: REUTERS, U.S, Thomson Locations: Queens, New York City, U.S, Newark , New Jersey