2U Inc. Files for Chapter 11 Bankruptcy to Restructure Debt

The online education company aims to cut its debt by 50% and secure $110 million in new capital while continuing operations.

2U Inc. has filed for Chapter 11 bankruptcy, listing assets and liabilities of at least $1 billion each.
The company plans to reduce its debt from $945 million to $459 million and extend loan maturities.
2U will receive $110 million in fresh capital and expects to complete the restructuring by the end of September.
Despite the bankruptcy, 2U assures that its educational services will continue without disruption.
The company will go private and be backed by existing lenders and noteholders after emerging from bankruptcy.