WeWork is planning to file for Chapter 11 bankruptcy as early as next week due to massive debt and losses. WeWork has a net long-term debt of $2.9 billion and over $13 billion in long-term leases as of June. Rising interest rates are hurting its commercial real estate business. Filing for bankruptcy would mark a major reversal for WeWork, which was privately valued at $47 billion in 2019 before its failed IPO attempt. Major backer SoftBank invested tens of billions to keep the company afloat but WeWork continues to lose money heavily. The company expressed "substantial doubt" about its ability to continue operations in an SEC filing in August. Several top executives have also recently departed.