WeWork (WE) shares cratered after the shared office-space rental firm said it would miss two interest payments for payment-in-kind (PIK) notes totaling about $95 million that were due Monday.

The company said the money owed comprised $37.3 million payable in cash and $57.9 million payable in additional PIK notes.

WeWork said it has the liquidity to cover the obligations and may do so in the future. However, under the indentures governing the notes, it has a 30-day grace period before the non-payment constitutes an “event of default.”

The company said it was using that grace period to “allow discussions with certain stakeholders in the company’s capital structure to commence, while also enhancing liquidity as the company continues to take action to implement its strategic plan.”

As part of that strategic plan, WeWork said it is focused on simplifying its real estate footprint and improving its capital structure.

The news comes two months after WeWork announced that “substantial doubt exists” about it continuing as a going concern. It pointed to the company’s losses and projected cash needs, along with increased member churn and worrisome liquidity levels.

To stay in business, WeWork would need to reduce rent and tenancy costs, increase revenue, control expenses, limit capital expenditures, and “seek additional capital via issuance of debt or equity securities or asset sales,” the company said at the time.

Shares of WeWork had lost about 14% of their value at close Tuesday and traded at an all-time low intraday.