The US Bankruptcy Court gave an order to WeWork Companies U.S. LLC to obtain DIP financing on December 11, 2023. As per the order, the debtor has been authorized to obtain a last out term loan ?C? facility, first out letters of credit facility, severally and not jointly, in an amount not to exceed 50 percent of the lesser of (x) $650 million and (y) the Prepetition Undrawn Amounts certain terms and conditions, including reductions in the DIP LC Issuing Commitments from time to time and the Minimum Cash Collateral Requirement from Goldman Sachs and JPMorgan in the form of LC facility and SVF, a limited partnership established in Jersey as term loan facility. The DIP loan would carry an additional 2% p.a. interest in the event of default.

The DIP facility would mature either on June 3, 2024 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor?s collateral.