Online education platform 2U files for Chapter 11 bankruptcy

seekingalpha07-25

2U Inc (NASDAQ:TWOU) Thursday said that it has filed for bankruptcy, and entered into a restructuring support agreement with lenders and noteholders holding approximately 87% of its outstanding debt ...

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The transaction will reduce its debt by over 50% to approximately $459 million, and extend the maturity date of its revolving and term loans to over two years following closing of the transaction.  2U  and certain domestic subsidiaries filed voluntary \"prepackaged\" Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York. 2U, the publicly traded owner of the edX online education platform, expects to secure court approval of financing totaling $64 million to further support the company's business operations throughout the Chapter 11 process. 2U has filed a number of customary motions with the court to ensure that its operations continue as usual while it implements this transaction. 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The transaction will reduce its debt by over 50% to approximately $459 million, and extend the maturity date of its revolving and term loans to over two years following closing of the transaction.  2U (TWOU) and certain domestic subsidiaries filed voluntary \"prepackaged\" Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York. 2U, the publicly traded owner of the edX online education platform, expects to secure court approval of financing totaling $64 million to further support the company's business operations throughout the Chapter 11 process. 2U has filed a number of customary motions with the court to ensure that its operations continue as usual while it implements this transaction. YTD, the company's stock has plunged more than 88%. 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