A representative for WeWork declined to comment. The company has previously said it's pursuing migrating to asset-light strategies such as joint ventures and management agreements. As of June 30, WeWork was on the hook for at least $47 billion in lease liabilities accrued during its years of venture-backed breakneck expansion, according to public filings. Now, it faces a potential cash crunch as the outbreak of Covid-19 puts pressure on the company to close some locations. WeWork is also offering some tenants discounts to minimize cancellations. The majority of WeWork's leases are held by special purpose vehicles that would enable the company to renege on paying rents at individual locations without risk to the parent company. So far, the company has avoided such drastic action as it could hinder WeWork's ability to lease new space. As of June 30, WeWork had provided credit support in respect of leases in the form of corporate guarantees of $4.5 billion.