(News) – E-discovering corporation Skillsoft Corp explained on Monday that it filed for pre-packaged Chapter 11 bankruptcy to lessen its private debt of about $two billion.
The organization claimed it had agreed to a restructuring arrangement with a majority of its creditors that would help it lessen its economic debt to $410 million.
Skillsoft submitted for person bankruptcy in the U.S. Bankruptcy Courtroom for the District of Delaware, exactly where by it pointed out each and every assets and liabilities in the assortment of $1 billion to $10 billion.
Skillsoft expects to have liquidity of about $50 million quickly following the restructuring and anticipates emerging from Chapter 11 on an “expedited basis.”
The corporation does not hope employees to be impacted as a direct consequence of the restructuring, Skillsoft stated. It also expects to proceed operating all through and subsequent the restructuring course of action, with no solution disruption to its distributors, partners and workforce, in accordance to the assertion.
The e-mastering company, which serves about 65% of the firms in the Fortune 500, was obtained by European buyout organization Charterhouse Money Associates LLP in 2014.
Reporting by Juby Babu in Bengaluru Editing by Anil D’Silva