WeWork Inc. and its major financial backers have struck a new restructuring deal to get the workspace provider out of bankruptcy, the Financial Times reported Monday afternoon. The deal sidelines a competing financing proposal from co-founder Adam Neumann.

Under the agreement, which has been approved in its outline by a U.S. Bankruptcy Court judge, senior creditors would infuse WeWork with a fresh $450 million in capital. Yardi Systems, which controlled some 35 million shares of WeWork stock through an entity known as Cupar Grimmond LLC, would become the majority stakeholder with a $337-million investment that would give it control of 60% of WeWork.

A separate group of hedge funds will put in the remaining $113 million of the new money investment, in exchange for 20% of WeWork, reported the FT. Entities that hold $4 billion of the co-working group’s pre-bankruptcy debt — including SoftBank, WeWork’s biggest backer — will receive the remaining 20% of the company. The new WeWork will carry no debt.

Bloomberg News reported that U.S. Bankruptcy Judge John K. Sherwood said it was up to the lenders to decide whether to negotiate with Neumann, who has offered to buy WeWork for $500 million and reportedly plans to oppose the restructuring deal. Creditors are slated to vote on the agreement May 30.

San Francisco-based Rentberry, a provider of technology-driven property rental and management, unveiled plans to explore the acquisition of WeWork, which recently filed for Chapter 11 bankruptcy. This strategic move, backed by key venture capital funds including Berkeley Hills Capital, represents a vision to synergize WeWork’s coworking spaces with Rentberry’s Flexible Living concept.

“By aligning WeWork’s expansive coworking ecosystem with our Flexible Living concept, we aim to create a global network of spaces that support a dynamic, mobile lifestyle, catering to the needs of today’s professionals,” the company said in a statement.

RentBerry said it’s collaborating with WeWork’s advisors, PJT Partners, to submit the acquisition offer during the week of Feb. 19. The company looks forward to sharing more details as the acquisition process progresses.