Newmark Group Affiliate set to Acquire Knotel Amid Chapter 11 Filing

Flexible office space provider Knotel has filed for Chapter 11 bankruptcy protection as a step intended to aid the sale of business to an affiliate of real estate firm Newmark Group. According to Knotelā€™s co-founder and CEO, it has been determined that a process to sell the U.S. business and focus on a rightsized U.S. portfolio of locations is the best path forward to maximize value for its stakeholders. As part of the filing, Newmark has provided a $20 million commitment for debtor-in-possession financing, which is subject to approval by the court.