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skillsoft chapter 11

BOSTON--(BUSINESS WIRE)--Skillsoft Corporation, a global leader in learning and talent management solutions, today announced that it has successfully emerged from Chapter 11, following an expedited court-supervised process, with a right-sized capital structure, stronger balance sheet and significant additional liquidity to drive … Reporting by Juby Babu in Bengaluru; Editing by Anil D’Silva. Learn more at www.skillsoft.com. CONFIRMING THE SECOND AMENDED JOINT CHAPTER 11 PLAN OF SKILLSOFT CORPORATION AND ITS AFFILIATED DEBTORS PLEASE TAKE NOTICEthat on July 24, 2020, the above-captioned debtors and debtors in possession (collectively, the “Debtors”) filed solicitation versions of the Second The e-learning company, which serves about 65% of the companies in the Fortune 500, was acquired by European buyout firm Charterhouse Capital Partners LLP in 2014. June 15 (Reuters) - E-learning company Skillsoft Corp said on Monday that it filed for pre-packaged Chapter 11 bankruptcy to reduce its debt of about $2 billion. Online learning company Skillsoft files for Chapter 11. (Reuters) - E-learning company Skillsoft Corp said on Monday that it filed for pre-packaged Chapter 11 bankruptcy to reduce its debt of about $2 billion. Building on its strong foundation and global customer base, the Company will invest in new products, solutions and content to drive additional value for customers as they continue adapting at an unprecedented pace in response to the COVID-19 pandemic, a growing skills gap and evolving workplace needs. 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 combined company will operate as Skillsoft and will be listed on the New York Stock Exchange. Weil, Gotshal & Manges LLP served as legal counsel to Skillsoft, Houlihan Lokey Capital, Inc. served as investment banker, and AlixPartners LLP served as financial advisor. With SumTotal, organizations can build a culture of learning that is critical to growth, success, and business sustainability. Skillsoft Corporation and all their subsidiaries are part of the bankruptcy including SumTotal Systems LLC, Accero, Inc., Amber Holding Inc., CyberShift Holdings, CyberShift, Inc., Mindleaders Inc., Pointwell Limited, SSI Investments I limited, SSI Investments II … Skillsoft expects to have liquidity of about $50 million after the restructuring and anticipates emerging from Chapter 11 on an "expedited basis." Our Standards: The Thomson Reuters Trust Principles. Learn how organizations across the globe have benefited from using Skillsoft. June 16, 2020 in Bankruptcy/Restructuring. The company … Stay up-to-date with the latest news and press releases from Skillsoft. SumTotal provides a unified, comprehensive Learning and Talent Development suite that delivers measurable impact across the entire employee lifecycle. 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. (Reuters) - E-learning company Skillsoft Corp said on Monday that it filed for pre-packaged Chapter 11 bankruptcy to reduce its debt of about $2 billion. The Company now has more than $50 million in cash and a leverage ratio of approximately 3.5x net debt-to-LTM EBITDA. Skillsoft, also known as Software Luxembourg Holding SA, is a private equity-backed publisher of training software for businesses. Skillsoft Files Chapter 11, Receives Commitment for $60MM DIP Facility Skillsoft entered into a restructuring support agreement with a majority of its first and second lien lenders. The plan, which has the support of most of Skillsoft’s first and second lien lenders, will “result in a comprehensive de-levering … BY Fraser Tennant. Skillsoft expects to have liquidity of about $50 million after the restructuring and anticipates emerging from Chapter 11 on an "expedited basis." Skillsoft entered Chapter 11 with a restructuring support agreement already in place with its senior and junior secured lenders. 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. Media ContactAndy Brimmer / Michael Freitag / Aura ReinhardJoele Frank, Wilkinson Brimmer Katcher(212) 355-4449, Moves Forward with Significant Liquidity and Strong Balance Sheet Following Comprehensive De-Leveraging, Well-Positioned for Long-Term Success, Leadership Development and Business Skills, Continuous Integration & Continuous Deployment, Privacy, Cybersecurity, and Data Protection, Shifting Mindsets: Adopting a Compliance Journey. The voluntary, pre-packaged Chapter 11 cases have been filed in order for Skillsoft … 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. 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. BOSTON-- (BUSINESS WIRE)--Skillsoft Corporation (“Skillsoft” or the “Company”), a global leader in learning and talent management solutions, today … On June 14, 2020, each of the below Debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”). Skillsoft expects to have liquidity of about $50 million after the restructuring and anticipates emerging from Chapter 11 on On August 27, the corporate eLearning compliance company, Skillsoft, announced that it had successfully emerged from bankruptcy. Through immersive, engaging content and a world-class learning platform, Skillsoft enables organizations to unlock the potential in their people and build teams with the skills they need for success. Through its financial restructuring process, Skillsoft reduced its total debt by approximately $1.5 billion and eliminated approximately $100 million in annual interest payments. Moves Forward with Significant Liquidity and Strong Balance Sheet Following Comprehensive De-Leveraging, Well-Positioned for Long-Term Success. About Skillsoft and SumTotalSkillsoft delivers online learning, training, and talent management solutions to help organizations unleash their edge. SumTotal’s award-winning technology provides talent acquisition, onboarding, learning management, and talent management solutions across some of the most innovative, complex and highly regulated industries, including technology, airlines, financial services, healthcare, manufacturing, and pharmaceuticals. The company features three award-winning systems that support learning, performance and success: Skillsoft learning content, the Percipio intelligent learning experience platform, and the SumTotal suite for Talent Development, which offers measurable impact across the entire employee lifecycle. We share our insights on everything from the latest industry trends to tips for success. Major learning software company Skillsoft has announced it has filed for Chapter 11 bankruptcy to help deal with debts of $2 … Skillsoft expects to have liquidity of about $50 million after the restructuring and anticipates emerging from Chapter 11 on an “expedited basis.”. E-learning company Skillsoft Corp said on Monday that it filed for pre-packaged Chapter 11 bankruptcy to reduce its debt of about $2 billion. Skillsoft Corporation Files for Chapter 11 Bankruptcy. The company said it had agreed to a restructuring agreement with a majority of its lenders that would help it cut its debt to $410 million. “We remain focused on supporting our customers – particularly through this unusual time as they adapt at an unprecedented pace to changing workplace and employment needs in response to the growing skills gap and in the face of a global pandemic. To efficiently implement the Restructuring, Skillsoft and certain of its affiliates have voluntarily filed “pre-packaged” Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. Finally, I am grateful to the entire Skillsoft team for their unwavering commitment to serving and supporting our customers.”. Empowering 36 million learners and counting, Skillsoft democratizes learning through an intelligent learning experience and a customized, learner-centric approach to skills development with resources for Leadership Development, Business Skills, Technology & Development, Digital Transformation, and Compliance. Leveraging immersive, engaging content, Skillsoft enables organizations to unlock the potential in their best assets – their people – and build teams with the skills they need for success. Skillsoft Successfully Completes Financial Restructuring and Emerges from Chapter 11 on Expedited Basis. Skillsoft successfully emerged from Chapter 11 on Aug. 27 after entering into a restructuring support agreement with a majority of its first- and second-lien lenders and filing Chapter 11 on June 14 to implement the RSA and … And online learning and talent management solutions to help organizations unleash their edge globe benefited. Direct result of the Fortune 500 organizations across the entire Skillsoft team for their unwavering commitment to skillsoft chapter 11. Including many Fortune 500 to help organizations unleash their edge 50 million in cash and a leverage ratio of 3.5x! Of learning that is critical to growth, success, and business sustainability, Well-Positioned for Long-Term success our! From Skillsoft and a leverage ratio of approximately skillsoft chapter 11 net debt-to-LTM EBITDA Skillsoft... Will be listed on the New York Stock Exchange in cash and a leverage ratio approximately. 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