WeWork appoints advisers to stave off US bankruptcy

The office space provider's shares have plunged 97% in the last year and its debt has fallen into deep distress

WeWork will attempt to renegotiate property leases.

Office space provider WeWork is rounding up advisers for help with a restructuring as it struggles with a heavy debt load and poor financial performance.

The co-working giant has hired property adviser Hilco, has once again tapped consultant Alvarez and Marsal, and has re-engaged law firm Kirkland and Ellis for advice on its options. The company is seeking to avoid a Chapter 11 bankruptcy filing in the US and restructure its debts out of court.