WeWork may declare bankruptcy by next week, according to a source.

Co-working giant WeWork reportedly plans to file for bankruptcy in the upcoming week, potentially altering the company's future and those collaborating with them.

A surprising turn of events is just about to alter the future of one of the most renowned co-working companies in the world. WeWork, as per a report from The Wall Street Journal, is contemplating filing for bankruptcy somewhere around the beginning of the next week.

The report suggests that the company has been in detailed talks with its creditors over the past weeks, joining forces with its advisors in secret to chart out the path ahead following the filing of bankruptcy.

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The co-working pioneer, once boasting a valuation of more than $47 billion, has apparently been on a rocky road to recovery post its failed attempt at going public and the ousting of its co-founder Adam Neumann in recent years.

WeWork may declare bankruptcy by next week, according to a source. ImageAlt

The bankruptcy filing, if it indeed comes to fruition, could prove to be a crucial juncture in their remarkable journey, opening up the possibility of restructuring and renewed funding, while raising a storm of uncertainty simultaneously.

Since its inception, WeWork has been a trendsetter influencing the transformation of commercial office spaces. They glamorized the concept of 'co-working', which has come to greatly influence the shared economy theory around the globe.

Their success, however, was greatly hit by the botched initial public offering (IPO) process, that led to a severe depletion of investor confidence, manifesting in the exit of the company's co-founder Adam Neumann and a rapid downfall in valuation by 75%.

However, WeWork’s potential bankruptcy filing is set to profoundly influence the ecosystem which the company has significantly contributed to. Many expect, amid the prevailing uncertainties, that the step could fuel the rise of a whole new chapter of restructuring that might rejuvenate the company’s financial status quo.

Under bankruptcy filing, WeWork could potentially seek out avenues to strengthen its financial footing and explore options to shed liabilities tied to its massive global real estate leases.

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It is pertinent to highlight that, as on date, WeWork hasn’t yet agreed to a bankruptcy filing, leaving room for speculation that it could still seek out alternative options. The speculated bankruptcy, thus bears with it, an impending potential shake-up of the real estate and coworking space.

While nothing is set in stone when it comes to the final route that WeWork will undertake, the ramifications of this move are speculated to be widespread, triggering a domino effect on various stakeholders.

What makes this bankruptcy filling plausible, despite the lack of certainty, are the masses of investment debt that WeWork carries. It's believed that through bankruptcy, this debt could be wiped clean, offering a fresh start.

The possibility, while appealing, could also see a drastic change in ownership, which may impact employee and stakeholder interests.

Bankruptcy, despite bearing a negative connotation, could be viewed as a silver lining in this dire situation. It may enable WeWork to reduce its current financial obligations and forge through a new financial path for the business.

In the long run, it could enable the company to plausibly put its past mistakes behind and enter a new era of growth, stability, and profitability.

WeWork, by filing bankruptcy, holds a potential to rewrite its tumultuous past. The perspective hints at the possibility of a strategic reboot, which may well provide the springboard for the embattled company to bounce back into the game of coworking space.

This could mark the beginning of a new era for WeWork and pose an opportunity for recovery, reinvention, and resurgence time will tell whether they will succeed or not.

The path ahead, post the bankruptcy filing, if it does happen, will be anything but easy. That said, the general market optimism around the brand is somewhat being maintained given its potential for restructuring under new ownership.

This is in large measure, also because the concept which WeWork helped revolutionize- shared working spaces - still holds its appeal for millennials and freelancers globally.

It would be intriguing to watch if WeWork can pivot into a new strategy thatcapitalize on the original, lucrative market potential that created the buzz around the brand, to begin with.

Will it be able to redefine its brand, shareholding, mission, and vision to navigate through the odds? Only time will reveal the answer.

In conclusion, the bankruptcy filing, if it does occur, wrapped up with its uncertainties is likely to mark a crucial chapter in the Warmly history of WeWork.

A new chapter which, despite worrying investors, employees, and creditors alike in the beginning, might just have the potential to leave behind a stronger, revived company worthy of its past glory.