Under the restructuring, WeWork has achieved more than a 50 percent reduction in long-term lease obligations, shaving off approximately $12 billion in future commitments. The company has also eliminated over $4 billion in debt from its balance sheet, emerging from bankruptcy debt-free. Tolley said that WeWork had secured $400 million in new capital, positioning the company for sustainable growth. The reorganization plan marks a dramatic turnaround for the co-working pioneer, which was once valued at a lofty $47 billion before mounting losses and corporate governance concerns triggered a spectacular downfall in 2019. WeWork's path through bankruptcy has involved painstaking renegotiations and terminations of numerous leases around the world. The company currently maintains a footprint of around 600 locations across 37 countries and 120 cities. The new plan also put an end to a bid by ousted WeWork co-founder Adam Neumann to buy the company.