U.S based educational technology company Skillsoft Corp. (SKIL) becomes the latest entry in the list of company which have filed for bankruptcy during this time of coronavirus pandemic. On June 15, the learning management software and content producer announced having filed for chapter 11 bankruptcy.
The e-learning company says the main reason behind bankruptcy filing is to reduce its debt pile which currently stands at around $2 billion.
Skillsoft says it had renegotiated and agreed on debt restructuring measures with some of its lenders, the agreements are expected to help the company cut its debt profile to $410 million.
The e-learning company made the bankruptcy filling in the U.S. Bankruptcy Court for the District of Delaware under which it listed both its assets and liabilities in the range of $1 billion to $10 billion.
Skillsoft which went public in 2000, is looking forward to having a liquidity of up to around $50 million after executing its restructuring plans and coming out of the bankruptcy.
Skillsoft was acquired by Britain based buyout company Charterhouse Capital Partners LLP six years ago and currently it serves around 65% of the companies in Fortune 500.
The company says its employees won’t be affected directly as a result of restructuring measures. Additionally, it looks forward to continue operations normally with no disruptions to its vendors, employees and partners during the restructuring period.