secwatch.observer — SEC 8-K summary
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Issuer:     2U, Inc. (—)
CIK:        0001459417
Form:       8-K
Filed at:   2024-07-25T23:59:59+00:00
Accession:  0001193125-24-184277
Event type: other_material
Sentiment:  negative
Materiality: 1.00
Item codes: 1.01, 1.03, 2.04, 5.2, 5.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

2U files for Chapter 11 bankruptcy; plan cancels existing equity, converts noteholders to full ownership
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- 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).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1459417/000119312524184277/0001193125-24-184277-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1459417/000119312524184277/d875063d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-184277

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