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Learning management systemsHR softwareLatest NewsHR Technology

Skillsoft enters bankruptcy proceedings in bid to reduce debt

by Jo Faragher 16 Jun 2020
by Jo Faragher 16 Jun 2020 Skillsoft's clients include 65% of the Fortune 500
Skillsoft's clients include 65% of the Fortune 500

Major learning software company Skillsoft has announced it has filed for Chapter 11 bankruptcy to help deal with debts of $2 billion.

The company said it has entered a “restructuring support agreement” with its lenders that will help reduce the debt to $410 million.

This will hand over 96% of ownership of the business to its main creditors, and 4% to second-tier creditors, who will also have the opportunity to purchase up to 15% of equity in the newly reorganised business.

“Pre-packaged” Chapter 11 proceedings involve the company preparing a plan for financial reorganisation with its creditors that will then come into effect when the company enters Chapter 11.

The company, which acquired talent development suite SumTotal in 2014, filed for bankruptcy in the US 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 said it did not expect there to be “material disruption” to vendors, partners or employees. Its primary lenders have agreed to contribute $60 million in financing to ensure liquidity during the restructuring process.

John Frederick, Skillsoft’s chief administrative officer, said: “Today’s announcement marks an important step forward in significantly strengthening Skillsoft’s capital structure and positioning the company for long-term success.

“While our core business remains strong, with attractive profitability and cash flow characteristics, our debt levels are too high. We need to invest further and that requires our debt levels to come down to free up cash to further enhance our offerings.

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“We look forward to benefiting from a stronger balance sheet and enhanced financial flexibility as we continue investing in new products, solutions and content to drive value for our customers and growth in the business.”

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Jo Faragher

Jo Faragher has been an employment and business journalist for 20 years. She regularly contributes to Personnel Today and writes features for a number of national business and membership magazines. Jo is also the author of 'Good Work, Great Technology', published in 2022 by Clink Street Publishing, charting the relationship between effective workplace technology and productive and happy employees. She won the Willis Towers Watson HR journalist of the year award in 2015 and has been highly commended twice.

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