Skillsoft files for pre-packaged Chapter 11 bankruptcy

On Monday, e-learning company Skillsoft Corp stated, it has filed for pre-packaged Chapter 11 bankruptcy in order to trim its debt of around $2 billion.

Skillsoft has agreed to enter into a restructuring agreement with majority of its lenders that would help it trim 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.

The company expects to have a liquidity of around $50 million after the restructuring and anticipates emerging from Chapter 11 on an “expedited basis.”

Skillsoft does not expect its employees to be affected as a direct result of the restructuring, said the company.

It expects its operation to continue during and following the restructuring process, without material disruption to its employees, partners and vendors, said the company in its filing.

In 2014, Skillsoft, which serves nearly 65% of the companies in the Fortune 500 list, was acquired by European buyout firm Charterhouse Capital Partners LLP.

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