2U ( (TWOUQ) ) just unveiled an announcement.
As part of its financial restructuring, 2U, Inc. has successfully emerged from Chapter 11 proceedings with a fortified balance sheet, ready to enhance its online educational offerings in partnership with top universities. The company has secured a new first lien credit facility of $414.3 million and a second lien credit facility of approximately $65.06 million, allowing for the settlement of previous debts and providing a solid financial foundation. Moreover, 2U has transitioned to a limited liability company structure, with a board of managers appointed to oversee its strategic direction, and has cancelled all previous equity interests, issuing new equity to Convertible Noteholders. This strategic move positions 2U to continue its mission of expanding access to quality education and meeting workforce development needs.
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