2U(US:TWOU) Prnewswire·2024-07-25 05:11Core Insights - 2U, Inc. is undergoing a financial restructuring to strengthen its balance sheet, aiming to reduce its debt by over 50% and infuse approximately $110 million in new capital [3][10] - The company has filed for a "prepackaged" Chapter 11 bankruptcy, expecting to complete the process quickly, potentially by the end of September 2024 [3][4] - 2U's operations and educational programs will continue without interruption during the restructuring process, ensuring no impact on learners or partners [1][11] Financial Restructuring - The restructuring support agreement involves lenders and noteholders holding about 87% of 2U's outstanding debt, reducing total debt to approximately $459 million [10] - The company anticipates securing $64 million in court-approved financing to support operations during the Chapter 11 process [3] - Following the completion of the transaction, 2U expects to emerge as a private company backed by existing lenders and noteholders [4] Company Mission and Impact - 2U has been a leader in online education for over 15 years, focusing on making high-quality education accessible globally [10][14] - The company connects over 86 million people with thousands of learning opportunities through its platform, edX, in partnership with 260 leading universities [7] - The financing reflects investors' confidence in 2U's mission to enhance education access and its role in the education ecosystem [12]