The US Bankruptcy Court approved the second modified third amended plan of reorganization of WeWork Inc. on May 30, 2024. The debtor has filed its second modified third amended plan in the Court on May 30, 2024. As per the amended plan, administrative claims, professional fee claims, priority tax claims, other priority claims and payment of statutory fees and reporting to the U.S. Trustee shall be paid in full in cash.

Other Secured Claims shall either be paid in full in cash or reinstated or delivered collateral securing such claim. Drawn DIP TLC Claims of $250 million, in the case of the Rolled Drawn DIP TLC Claim, loans under the Exit TLC Facility on a dollar for-dollar basis, and in the case of an Equitized Drawn DIP TLC Claim, its Pro Rata share of the Drawn DIP TLC Equity Distribution. Undrawn DIP TLC Claims of $421 million in the case of an Excess DIP TLC Claim, shall be paid in full in cash in an amount equal to such Excess DIP TLC Claim from amounts remaining from the proceeds of the DIP TLC facility, and in the case of a rolled undrawn DIP TLC claim, shall be converted into obligations under the exit LC facility on a dollar-for-dollar basis, and receive its pro rata share of the new LC equity allocation.

Prepetition LC facility claims of $949 million shall receive its pro rata share of the 1L equity distribution. 1L notes claims of $1,163 million shall receive its pro rata share of the 1L equity distribution. 2L notes claims of $933 million shall receive its pro rata share of the 2L equity distribution.

3L notes claims, unsecured notes claims of $180 million and general unsecured claims of $590 million shall not receive or retain any distribution, property, or other value on account of such allowed 3L notes claim. Intercompany claims and intercompany interests shall either be reinstated, converted to equity, canceled, released, or discharged, or otherwise set off, settled, or distributed, at the option of the debtors or the reorganized debtors. Go-Forward Guaranty Claims shall be reinstated.

Section 510(b) claims and parent interests will be of no further force or effect, and holders of such allowed parent interests shall not receive any distribution on account of such interests. the plan shall be funded from exit facilities, rights offering, subscription rights and new interests. on the effective date, all property in each estate, all causes of action, and any property acquired by any of the debtors pursuant to this plan shall vest in each respective reorganized debtor.