WeWork files for Chapter 11 bankruptcy protection

(NBC, KYMA/KECY) - Office-sharing company WeWork filed for Chapter 11 bankruptcy protection in federal court Monday.

The bankruptcy filing is limited to WeWork's locations in the U.S. and Canada, according to a press release from the company.

WeWork was valued at $47 billion in 2019, and the company tried but failed to go public five years ago. It disclosed in an August regulatory filing that bankruptcy could be a concern.

Now in a New Jersey federal courtroom, the company is saying that it had entered into agreements with the vast majority of its secured noteholders and that it intended to trim "non-operational" leases.

The company reported liabilities ranging from $10 billion to $50 billion, according to a bankruptcy filing.