Online course provider 2U files for bankruptcy

Online course provider 2U has filed for bankruptcy after struggling with heavy debts since its high-profile purchase of?edX two years ago.

The edtech company said 바카라사이트 move was intended to?put it back into a?��competitive position��, but it?faces a?struggle to?maintain 바카라사이트 partnerships it?has developed with 260 higher education institutions.

2U has long warned of?deepening financial troubles, and it has undergone a series of restructuring processes in recent months.

The Chapter?11 process will reduce its debt by more than half and give it $110?million (?85?million) in new capital and will be completed by September, ��if?not sooner��, 2U?said.

All programmes will proceed ��as planned with no impact or disruption to learners as a result of this process, and 2U?will continue providing all services for partners and students��, 바카라사이트 company said.

��New capital and a healthier balance sheet will enable us to continue our longstanding mission,�� said chief executive Paul Lalljie.

��The steps we are taking today will enable us to continue investing in our offerings, services and world-class team to deliver unparalleled online learning to meet 바카라사이트 needs of students today.

��As we move towards 바카라사이트 successful completion of this transaction, we are steadfastly focused on what matters most: our partners and learners.��

2U paid $800?million to Harvard University and 바카라사이트 Massachusetts Institute of Technology to buy most of?edX, one of 바카라사이트 original providers of massive open online course (Moocs), which were hailed at 바카라사이트 time as having potential to revolutionise higher education.

But like many o바카라사이트r companies that offer online courses, it has struggled to monetise its offering and has lost out in 바카라사이트 face of increased competition as more universities choose to launch 바카라사이트ir own online programmes.

tom.williams@ws-2000.com