(Reuters) – E-learning company Skillsoft Corp said on Monday that it filed for pre-packaged Chapter 11 bankruptcy to reduce its debt of about $2 billion.
The company said it had agreed to a restructuring agreement with a majority of its lenders that would help it cut its debt to $410 million.
Skillsoft filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware, where it listed both assets and liabilities in the range of $1 billion to $10 billion.
Skillsoft expects to have liquidity of about $50 million after the restructuring and anticipates emerging from Chapter 11 on an “expedited basis.”
The company does not expect employees to be affected as a direct result of the restructuring, Skillsoft said. It also expects to continue operating during and following the restructuring process, without material disruption to its vendors, partners and employees, according to the statement.
The e-learning company, which serves about 65% of the companies in the Fortune 500, was acquired by European buyout firm Charterhouse Capital Partners LLP in 2014.
Reporting by Juby Babu in Bengaluru; Editing by Anil D’Silva