George Zhang, Michael J. Bellucci, Emily Rutcofsky, Julia Wennberg, Matthew Park, Yuna Pyun, Annie O’Connor, Michael Price, Brian Kinney, Michael Scian, Brian C. Troxler
January 24, 2026
Milbank Advises Financing Sources on LC Facility for WeWorkâs Chapter 11 Exit Financing
1 min
AI-made summary
- Milbank LLP advised the issuing banks and administrative agents on a $450 million 'first out' senior secured cash collateralized letter of credit facility for two newly formed special purpose vehicle borrowers, both subsidiaries of WeWork Inc., as part of WeWork's emergence from chapter 11 bankruptcy on June 11, 2024
- The Milbank team included partners and associates from the firm's Global Leveraged Finance, Financial Restructuring, and Alternative Investments practices.
Milbank LLP represented the issuing banks and administrative agents in connection with a $450 million âfirst outâ senior secured cash collateralized letter of credit facility for two newly formed SPV borrowers, each a subsidiary of office-sharing company WeWork Inc. (OTCMKTS: WEWKQ) ("WeWork") as part of WeWorkâs emergence from chapter 11 bankruptcy proceedings on June 11, 2024. The Milbank teams were led by New York-based Global Leveraged Finance partners George Zhang and Michael J. Bellucci along with associates Emily Rutcofsky, Julia Wennberg, Matthew Park, Yuna Pyun and Annie OâConnor, New York-based Financial Restructuring partner Michael Price along with special counsel Brian Kinney and associate Michael Scian and New York-based Alternative Investments partner Brian C. Troxler.
Article Author
George Zhang, Michael J. Bellucci, Emily Rutcofsky, Julia Wennberg, Matthew Park, Yuna Pyun, Annie O’Connor, Michael Price, Brian Kinney, Michael Scian, Brian C. Troxler
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