WeWork’s proposed new ownership post-bankruptcy is shaping up to be a who’s who list of U.S. investment firms besides Japanese heavyweight SoftBank.

The New York-based flexible workplace provider, which filed for Chapter 11 bankruptcy protection earlier this month, has struck a debt-for-equity swap plan with its lenders led by SoftBank, which is slated to remain the majority shareholder. The plan involves reducing WeWork’s existing funded debt by about $3 billion in exchange for equity in the new company. As part of the plan, WeWork aims to emerge from bankruptcy owing just a small fraction of the billions of dollars of its current financial obligations.

In addition to slashing its debt, WeWork’s bankruptcy restructuring plan includes rejecting about 69 leases, including 40 in New York, as it continues to renegotiate with at least 400 landlords around the world. The money-losing company has said its lease burden is the biggest obstacle to turning profitable.

WeWork's landlords, though, have begun to speak out against some parts of the plan in bankruptcy filings. A court hearing is set for Tuesday in New Jersey.

Besides SoftBank and a third-party investor called Cupar Grimmond LLC registered in Delaware, WeWork’s lenders that have agreed to let go of their debt in exchange for stakes in the company include some large institutional investors such as BlackRock, which is said to be the world’s largest asset manager.

Called the “ad hoc” group, the companies together own about $1.14 billion in WeWork secured notes, according to a court filing made by their legal counsel, the law firms Davis Polk and Greenberg Traurig.

To be sure, the debt-for-equity plan still needs to be formally approved by the bankruptcy court before future ownership is considered definite, a WeWork spokesperson told CoStar News.

Here’s a look at the ad hoc group members:

Based in Greenwich, Connecticut, the investment firm owns about $41.5 million of WeWork’s secured notes and holds some 147,611 WeWork shares in a short position, according to the court filing. Founded in 1997 with just $8.8 million in assets under management, the alternative asset manager is said to currently have at least $9.9 billion in assets. Besides its headquarters office, the firm also has an office in midtown Manhattan, according to its website.

Short selling a stock refers to an investment bet that a stock will decline in value.

Certain funds and accounts managed by BlackRock or affiliates own nearly $134 million in WeWork secured notes, the court document said, adding BlackRock also owns about 102,870 in WeWork shares. New York-based BlackRock has $9.1 trillion in assets under management worldwide, according to its 2023 investor day presentation. The investment giant, with 70 offices in 30 countries, helps manage more than 35 million Americans’ retirement accounts, according to its website. It said its net cash inflows totaled $1.8 trillion over the past five years.

Certain other funds and accounts managed or advised by affiliates of BlackRock may also hold equity or debt in WeWork and are not part of the ad hoc group, Davis Polk and Greenberg Traurig said in the filing.

The New York-based global asset management firm owns close to $138 million in WeWork-secured notes, according to the filing. Founded in 2006, the firm said on its website its global footprint includes offices in London and Colorado. It’s said to have about $25.6 billion in assets under management.

The investment firm is a subsidiary of Los Angeles-based Capital Group, billed as one of the world’s largest and oldest asset management firms. Founded in 1931 and with more than $2.3 trillion in assets under management as of June, the privately held Capital Group closed 2022 with more than 9,000 employees worldwide, according to its website. It’s the parent company of American Funds mutual funds.

According to the court document, it has about $200 million in WeWork’s secured notes.

New York-based King Street Capital Management has about $440 million in WeWork’s secured notes, the filing said. The global alternative asset manager, founded in 1995, manages more than $24 billion in assets, according to its website. The firm in October closed its third opportunistic real estate fund, with over $1 billion in capital committed. It said in October the increased “probability of widespread distress in the commercial real estate market” as a result of higher interest rates, lower values and “tightening credit conditions” have presented opportunities. The firm has seven offices worldwide with a significant presence in New York and London, according to its October statement.

The Manhattan-based investment firm owns about $96.4 million in WeWork-secured debt, the court paper shows. Founded in 1994 with four global offices in New York, London, Hong Kong and Shanghai, the firm, billed as a “specialist in opportunistic investing,” had $32.8 billion in assets as of Nov. 1, according to its website. Its investments are spread across credit, real estate and other platforms in all major geographies.

The Greenwich, Connecticut, firm has about $91.4 million in WeWork-secured notes, the filing shows. Founded in 2002 and billed as “a leader in global credit investing,” the investment firm oversees $25 billion of “investible assets” through strategies including direct lending, structured credit, capital markets, real estate lending and opportunistic real estate, according to its website.