'We will re-emerge' | WeWork, ubiquitous champion of the co-working space, files for bankruptcy

WeWork, the co-working space giant whose meteoric rise and fall reshaped the office sector globally, had declared bankruptcy in the U.S. after its bets on companies using more of its office-sharing space soured.

As reported by Reuters, the move represents an admission that the company, which is owned by SoftBank, cannot survive unless it renegotiates its pricey leases in bankruptcy.

A WeWork spokesperson said about 92% of the company's lenders had agreed to convert their secured debt into equity under a restructuring support agreement, wiping out about £2.44billion ($3billion) of debt.

The company, which also intends to file recognition proceedings in Canada, said it expected to have the financial liquidity to continue business normally and that its locations outside of the U.S. and Canada, as well as its franchisees around the world, were not affected by these proceedings.