2U emerges from Chapter 11 well-positioned to
expand industry-leading services and advance mission of making
high-quality education accessible to learners worldwide
ARLINGTON, Va., Sept. 13,
2024 /PRNewswire/ -- 2U, a global leader in
online education, today announced it has successfully completed its
financial restructuring and emerged from Chapter 11 as a privately
held entity. With this transaction complete, 2U now operates with a
significantly strengthened balance sheet, firmly positioning the
company to support leading universities in delivering high-impact,
career-focused education essential for building a skilled global
workforce. 2U moves forward with complete continuity of its
operations and the full support of a deeply-aligned new ownership
group.
"At the outset of this process, we committed to emerge as a
stronger company, and that is exactly what we have done," said
Paul Lalljie, Chief Executive
Officer of 2U. "The steps we have taken enable us to further invest
in our offerings, services, and world-class team so we can continue
delivering unparalleled online learning that meets the needs of
today's students and workforce development demands. With renewed
purpose and an unmatched portfolio of partners, education
offerings, and tech-enabled services, we are well-positioned to
fulfill our mission: making education more accessible, affordable,
and impactful for all."
For over 15 years, 2U has partnered with the world's leading
universities to reimagine the delivery of higher education beyond
the physical classroom and expand opportunities for learners. While
we have made significant progress, vast opportunities remain to
achieve our collective vision of global, scalable, and affordable
access to career-enhancing education that equips learners for
success. Today, 2U enters a new era of innovation while continuing
its steadfast commitment to delivering exceptional learning
outcomes that elevate the global workforce. Upon emergence from
Chapter 11, 2U will be governed by a new Board led by Brian Napack as Executive Chairman. Mr. Napack
is a longtime education industry executive, former CEO of John
Wiley (WLY), Chairman of the Association of American Publishers,
and Senior Advisor at Providence Equity.
"With this transaction completed, 2U can continue to focus on
its essential mission and accelerate into its next phase," said
Brian Napack, Executive Chairman of
2U's new Board. "For 15 years, the extraordinary team at 2U has
been helping the world's leading universities transform the way
higher education is delivered. Education must continue to evolve,
and today, 2U is uniquely positioned to enable this ongoing
evolution and truly move the needle for learners and employers
worldwide."
Advisors
Latham & Watkins LLP served as legal counsel, Moelis &
Company served as investment banker, AlixPartners LLP served as
financial advisor, and C Street Advisory Group served as strategic
communications advisor to 2U. Weil, Gotshal & Manges LLP served
as legal counsel to the ad hoc group of noteholders of 2U,
Schulte Roth & Zabel LLP served
as counsel to a significant noteholder, Greenvale Capital LLP, and
Houlihan Lokey served as investment
banker to the ad hoc group of noteholders and Greenvale. Milbank
LLP served as legal counsel and FTI Consulting, Inc. served as
financial advisor to the ad hoc group of first lien term loan
lenders.
About 2U
2U is a global leader in online education. Guided by its
founding mission to eliminate the back row in higher education, 2U
has spent 15 years advancing the technology and innovation to
deliver world-class learning outcomes at scale. Through its global
online learning platform edX, 2U connects more than 89 million
people with thousands of affordable, career-relevant learning
opportunities in partnership with 260 of the world's leading
universities, institutions, and industry experts. From free courses
to full degrees, 2U is creating a better future for all through the
power of high-quality online education. Learn more
at 2U.com.
Contact
C Street Advisory Group
2U@thecstreet.com
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