WeWork files for Chapter 11 bankruptcy
WeWork has filed for Chapter 11 bankruptcy after making a deal with longtime investor Softbank Group and other creditors to cut more than US$3 billion in debt.
Most of its shares will be wiped out as it plans to restructure US$13 billion in leases, while its global operations are expected to operate as usual.
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Market News: Origin Energy shares rallied 1.2% to $8.64 after bidders Brookfield and EIG hired Alliance Advisers to lobby shareholders to support the deal, which had been rejected by AustralianSuper.
Meanwhile, the bidders are also said to be planning a hostile takeover bid for Origin for a lower price than the $9.53 share price by Christmas.
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A US consumer watchdog has proposed regulating the digital payments and smartphone wallet services, which could put Alphabet, Apple, Paypal and Block under bank-like supervision. (Reuters)
Private equity giant KKR expects a “noticeable uptick” in fundraising while competitor Carlyle has warned staff “every single expense is on the table”. (Financial Times)
Australian news outlets are weighing up the risks and benefits of sending correspondents back to China after more than three years absent. (Capital Brief)
Hollywood’s historical Egyptian Theatre has found an unlikely savior in Netflix, which reopened the theatre this week after a US$70 million, four-year restoration. (Financial Times)
ISS supports $20bn takeover proposal for Origin Energy, vote on Nov 23. (AFR)
Integral Diagnostics' debt-to-earnings ratio deters suitors. (The Australian)
Geminder's Pact Group buyout bid faces hurdles, reaches 51.53% with 24 hours left. (AFR)
Advisory firm backs Brookfield and EIG's Origin Energy takeover as AustralianSuper opposes. (SMH)
Centennial and Parkstone eye Hinkler Central acquisition for $107m. (AFR)
Earlypay acquires Timelio, marking losses for investors in the invoice financing fintech. (Startup Daily)
Brookfield and EIG plan hostile Origin Energy takeover bid. (The Australian)
Vinci seeks Rothschild's help for EastLink bid in Melbourne. (AFR)
Southern Cross seeks details on ARN Media offer. (The Australian)
Meta bans political advertisers from using generative AI ads. (Capital Brief)
Moelis promotes GoZero as a key player in the EV revolution. (AFR)
APA Group approves Kurri Kurri Lateral Pipeline. (Capital Brief)
Dexus extends the redemption waiting period for property fund investors. (AFR)
OpenAI enables customized AI bots and reduces developer model costs. (Capital Brief)
Air New Zealand faces 2 years of disruptions due to aircraft and engine maintenance. (SMH)
GQG sees $1.9bn outflows in October. (Capital Brief)
JPMorgan boosts real estate banking team with new hire, Patrick Dunn. (The Australian)
Citigroup considers significant job cuts as part of reorganization. (Capital Brief)