skillsoft chapter 11

American Bankruptcy Institute | 66 Canal Center Plaza, Suite 600 | Alexandria, VA 22314. Skillsoft entered Chapter 11 with a restructuring support agreement already in place with its senior and junior secured lenders. By Jo Faragher on 16 Jun 2020 in HR Tech Talk, Learning management systems, HR software, Latest News, HR Technology. Major learning software company Skillsoft has announced it has filed for Chapter 11 bankruptcy to help deal with debts of $2 … Our Standards: The Thomson Reuters Trust Principles. BY Fraser Tennant. 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. The digital learning industry has reached a turning point, and we are well-positioned to provide enhanced and expanded offerings when virtual learning is more relevant than ever in driving the success of an organization.”, Mr. Frederick continued, “We appreciate the strong support of our customers and business partners throughout our financial restructuring process. 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 … (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. 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. 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. Skillsoft is moving forward as a leading global provider of next-generation digital and online learning and talent solutions that help organizations unleash their edge. Skillsoft Successfully Completes Financial Restructuring and Emerges from Chapter 11 on Expedited Basis. BOSTON 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. SumTotal provides a unified, comprehensive Learning and Talent Development suite that delivers measurable impact across the entire employee lifecycle. 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. Skillsoft expects to have liquidity of about $50 million after the restructuring and anticipates emerging from Chapter 11 on an "expedited basis." (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. BOSTON – August 27, 2020 – Skillsoft Corporation (“Skillsoft” or the “Company”), a global leader in learning and talent management solutions, today announced that it has successfully emerged from Chapter 11… Finally, I am grateful to the entire Skillsoft team for their unwavering commitment to serving and supporting our customers.”. 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. 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. Skillsoft and SumTotal are partners to thousands of leading global organizations, including many Fortune 500 companies. See here for a complete list of exchanges and delays. 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. Online learning company Skillsoft files for Chapter 11. On June 14, Skillsoft and certain affiliates filed Chapter 11 petitions in the Bankruptcy Court for the District of Delaware. Browse Webinars, Podcasts, Research Reports, Video Testimonials and so much more! Matthew Heller. (703)739-0800 | Fax. June 16, 2020 in Bankruptcy/Restructuring. 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 company does not expect employees to be affected as a direct result of the restructuring, Skillsoft said. Skillsoft expects to have liquidity of about $50 million after the restructuring and anticipates emerging from Chapter 11 on an “expedited basis.”. The plan, which has the support of most of Skillsoft’s first and second lien lenders, will “result in a comprehensive de-levering … Online learning company Skillsoft has filed for Chapter 11 bankrupty to implement a restructuring plan aimed at reducing its $2.1 billion debt load by more than 70%. (866)921-1027 – August 27, 2020 – Skillsoft Corporation (“Skillsoft” or the “Company”), 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 long-term growth and success. 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. “With our stronger balance sheet and significantly enhanced financial resources, we will continue our focus on investing in best-in-class solutions and innovation,” said John Frederick, Chief Administrative Officer of Skillsoft and Chief Executive Officer of SumTotal. Skillsoft expects to have liquidity of about $50 million after the restructuring and anticipates emerging from Chapter 11 on an "expedited basis." Moves Forward with Significant Liquidity and Strong Balance Sheet Following Comprehensive De-Leveraging, Well-Positioned for Long-Term Success. Learn how organizations across the globe have benefited from using Skillsoft. 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. About Skillsoft and SumTotalSkillsoft delivers online learning, training, and talent management solutions to help organizations unleash their edge. Tel. BOSTON-- (BUSINESS WIRE)--Skillsoft Corporation (“Skillsoft” or the “Company”), a global leader in learning and talent management solutions, today … The voluntary, pre-packaged Chapter 11 cases have been filed in order for Skillsoft … Stay up-to-date with the latest news and press releases from Skillsoft. 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 … The company filed under chapter 11 protection, in the U.S. Bankruptcy Court for the district of Delaware, in early June with the incentive of reducing its overall debt … All quotes delayed a minimum of 15 minutes. (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. 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 expects to have liquidity of about $50 million after the restructuring and anticipates emerging from Chapter 11 on (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. In an attempt to reduce its approximately $1.5bn debt and position itself for long-term growth, US educational technology company Skillsoft and a number of its affiliates has filed for Chapter 11 bankruptcy. 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. Skillsoft Corporation Files for Chapter 11 Bankruptcy. 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 … “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. Skillsoft’s first-day filings included two expedited alternatives: (1) a prepackaged plan of reorganization sponsored by Skillsoft’s existing lenders and (2) a motion seeking authorization to … The company … 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 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 expects to have liquidity of about $50 million after the restructuring and anticipates emerging from Chapter 11 on an “expedited basis.” Skillsoft, also known as Software Luxembourg Holding SA, is a private equity-backed publisher of training software for businesses. Through its financial restructuring process, Skillsoft reduced its total debt by approximately $1.5 billion and eliminated approximately $100 million in annual interest payments. We share our insights on everything from the latest industry trends to tips for success. Learn more at www.skillsoft.com. 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”). 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. With SumTotal, organizations can build a culture of learning that is critical to growth, success, and business sustainability. Reporting by Juby Babu in Bengaluru; Editing by Anil D’Silva. 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. 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. Dual-Tracking Expedited Bankruptcy: Skillsoft Enters Chapter 11 with Options June 23, 2020 Elearning company Skillsoft provided two expedited alternatives to bankruptcy in its first-day filings in the Bankruptcy Court for the District of Delaware. 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. It also expects to continue operating during and following the restructuring process, without material disruption to its vendors, partners and employees, according to the statement. Skillsoft's clients include 65% of the Fortune 500. On August 27, the corporate eLearning compliance company, Skillsoft, announced that it had successfully emerged from bankruptcy. I also want to thank our financial stakeholders, whose confidence in the Skillsoft brand enabled us to complete this process efficiently and on an expedited basis.

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