Skillsoft Corporation (“Skillsoft” and, together with its affiliates, the “Company”), a global leader in corporate learning with expertise in leadership development & business skills, technology & development, compliance, and talent development, announced that it has entered into forbearance agreements (the “Agreements”) with certain lenders under the Company’s First Lien Credit Agreement, Second Lien Credit Agreement, and AR Credit Facility Agreement (collectively, the “Lenders”).
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Skillsoft is in ongoing discussions and making meaningful progress with the Lenders regarding efforts to strengthen the Company’s capital structure, enhance its ability to invest in new products, solutions and content that drive additional value for customers, and support the Company over the long term. The purpose of the Agreements is to provide the parties with additional time and flexibility to continue these discussions.
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Under the terms of the Agreements, the Lenders have agreed to forbear from exercising remedies available to them under certain provisions in their respective credit agreements as they continue to have positive and constructive discussions with the Company and amongst the Lenders. The Agreements relating to the First Lien Credit Agreement and Second Lien Credit Agreement will expire on May 31, 2020, and the Agreements relating to the AR Credit Facility will expire on June 15, 2020, unless further extended by the parties.
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