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Embattled flexible workspace provider WeWork is in "selective default" after failing to meet conditions set by debt holders, ratings agency S&P said Wednesday.

S&P's statement came a day after WeWork recounted its latest communications with creditors, saying in a securities filing that bond holders had given it a 30-day grace period on interest payments October 2.

On Tuesday, WeWork said this forbearance agreement "will terminate in seven days," according to the filing.

The filing said WeWork had opted to withhold $6.4 million in interest payments.

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