Co-working space company WeWork filed for Chapter 11 bankruptcy protection in federal court in New Jersey, saying it had entered into agreements with the vast majority of its secured note holders and that it intended to cut “non-operating” leases.
The bankruptcy filing is limited to WeWork locations in the U.S. and Canada , the company said in a news release. The company reported liabilities ranging from $10 billion to $50 billion , according to the bankruptcy filing.
“I am deeply grateful for the support of our financial stakeholders as we work together to strengthen our capital structure and accelerate this process through the Restructuring Support Agreement,” WeWork CEO David Tolley said in a statement. press. “We remain committed to investing in our world-class products, services and team of employees to support our community,” he added.