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 the move was intended to put it back into a “competitive position”, but it faces a struggle to maintain the 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.
