WeWork Embarks on Post-Bankruptcy Path With Little Precedent (1)

WeWork Inc. is setting off on a path on which few have succeeded as it attempts to transform from a bloated company that never turned a profit into a slimmed-down moneymaker by 2025.

The company, which won bankruptcy court approval of its restructuring plan Thursday, will emerge from Chapter 11 with a clean balance sheet after slashing $4 billion in debt and cutting unprofitable leases. The onetime leader of the coworking space industry reduced its future rent obligations by more than half, it said.

The new company will make a profit next year, according to projections filed with the US ...