2U, Inc.: going-concern / distress — 2U files for Chapter 11 bankruptcy; plan cancels existing equity, converts noteholders to full ownership

2U, Inc.

Voluntary Chapter 11 petitions filed July 25, 2024; prepackaged plan funded by noteholder RSA.
Existing equity interests will be cancelled; 100% of new common equity issued to convertible noteholders.
Equity rights offering for at least $46.5M backstopped by consenting noteholders.
DIP facility of up to $64M secured with junior lien; matures 6 months after petition date.
Aggregate debt outstanding: ~$380M (2025 notes), ~$147M (2030 notes), ~$414M (first lien credit agreement).

item 1.01 item 1.03 item 2.04 item 5.2 item 5.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

2U, Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of New York (petition 2024-07-25).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of New York
Petition: 2024-07-25

Exact text from the filing

on July 25, 2024 (the “ Petition Date ”), the Company commenced voluntary cases (collectively, the “ Chapter 11 Cases ”) under chapter 11 of title 11 of the United States Code (the “ Bankruptcy Code ”) in the United States Bankruptcy Court for the Southern District of New York (the “ Bankruptcy Court ”) providing for a court-administered reorganization pursuant to the Plan.

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Source: SEC EDGAR

accession 0001193125-24-184277

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