The company will emerge from bankruptcy smaller and with less debt.
Adam Neumann had proposed to buy WeWork after it declared bankruptcy last year.
Lawyers for Adam Neumann claim the leaders of his former company are stonewalling his approaches.
The decline of WeWork may not spell the end of co-working spaces, as local hubs seek to grow.
The story of Adam Neumann and the rise and fall of WeWork reads more like a parable than a business story.
The shared office giant, once seen as the future of the workplace, has been plagued by problems.
The BBC understands the firm is to start closing some of its buildings, including one in central London.
The firm was once seen as the future of the office, but it has been plagued by problems in recent years.
The office space-sharing company has raised "substantial doubt" about its future.
