IWG is tiny (a mere $3b in revenue; $4b-$5b market cap), they'd never land all of WeWork's customer base or WeWork itself. They'd trivially be outbid. SoftBank would acquire WeWork and continue operations before they'd let the business go to a small company like IWG or watch WeWork get acquired for ~$500m-$1b (which is all someone like IWG could afford).

Far larger players like SoftBank, Blackstone or KKR would be all over scooping up the bones of WeWork. There's certainly no scenario where WeWork doesn't end up in the belly of a private equity company, or a large real-estate holding company. The next recession will destroy them. They'll be lucky if they survive even outside of a recessionary environment.