Technology
2U Takes Strategic Action to Significantly Strengthen Balance Sheet and Position Company for Innovation and Growth
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Company enters into agreement with its debtholders to eliminate over 50% of its debt and infuse approximately $110 million of new capital into the business, enabling 2U to invest further in its mission
All educational programs and services to continue seamlessly with no interruption for partners or learners
LANHAM, Md., July 25, 2024 /PRNewswire/ — 2U, Inc. (“2U” or the “Company”), a global leader in online education, today announced that it has initiated a financial transaction to strengthen its balance sheet and position the Company to advance its mission of making high-quality education accessible to learners around the world. The Company has entered into a Restructuring Support Agreement, or RSA, with lenders and noteholders holding approximately 87% of its outstanding debt that will provide approximately $110 million of new capital, reduce its debt by over 50% to approximately $459 million, and extend the maturity date of its revolving and term loans to over two years following closing of the transaction.
To implement the transaction, 2U and certain domestic subsidiaries filed voluntary “prepackaged” Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York. 2U expects to secure court approval of financing totaling $64 million to further support the Company’s business operations throughout the Chapter 11 process. The Company expects to complete the Chapter 11 process quickly, by the end of September, if not sooner.
“Today marks an important milestone for 2U. New capital and a healthier balance sheet will enable us to continue our long-standing mission,” said Paul Lalljie, Chief Executive Officer of 2U. “For over 15 years, 2U has led the online learning industry in the delivery of innovative, high-impact education in partnership with an unmatched network of leading universities. 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 the needs of students today. As we move towards the successful completion of this transaction, we are steadfastly focused on what matters most: our partners and learners.”
2U has filed a number of customary motions with the court to ensure that its operations continue as usual while it implements this transaction. All programs 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. Additionally, the RSA contemplates that payments to vendors will continue in the ordinary course.
Following court approval and the completion of the transaction, 2U expects to emerge from Chapter 11 as a private company backed by its existing lenders and noteholders, including funds managed by Mudrick Capital Management, LP, Greenvale Capital LLP, and Bayside Capital, LLC.
“2U is a true pioneer in the delivery of education that changes lives,” said Brian Napack, Strategic Advisor to the investment group. “This company’s role in the education ecosystem and its innovative approaches to increasing education access are more important than ever, and this financing demonstrates the investors’ deep belief in 2U and commitment to its essential mission.” Mr. Napack is a longtime executive, director, investor and advisor in the education industry, and is the former CEO of John Wiley (WLY), Chairman of the Association of American Publishers, and Senior Advisor at Providence Equity.
Additional information regarding 2U’s Chapter 11 process is available at https://dm.epiq11.com/2U. Stakeholders with questions may call the Company’s Claims Agent, Epiq, at 877-525-5725 or +1 360-803-4441 if calling from outside the U.S. or Canada, or email at 2UInc@epiqglobal.com.
Advisors
Latham & Watkins LLP is serving as legal counsel, Moelis & Company is serving as investment banker, AlixPartners LLP is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Weil, Gotshal & Manges LLP is serving as legal counsel to the ad hoc group of noteholders of the Company, Schulte Roth & Zabel LLP is serving as counsel to Greenvale Capital, LLP, and Houlihan Lokey is serving as investment banker to the ad hoc group of noteholders and Greenvale. Milbank LLP is serving as legal counsel and FTI Consulting, Inc. is serving as financial advisor to the ad hoc group of first lien term loan lenders.
About 2U, Inc. (Nasdaq: TWOU)
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 86 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.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release that are not historical are forward-looking statements, including statements regarding the timing and implementation of the restructuring pursuant to the Restructuring Support Agreement (the “RSA”), the chapter 11 cases (the “Chapter 11 Cases”), the prepackaged joint plan of reorganization (the “Plan”), the Company’s ability to continue operating in the ordinary course while the Chapter 11 Cases are pending, and the potential benefits of the transactions contemplated by the RSA and the Plan, including the timetable for completing such transactions, if at all, and the effects of such transactions on the Company’s financial position and long-term stability and growth. Forward-looking statements contain words such as “expect,” “anticipate,” “could,” “should,” “intend,” “plan,” “believe,” “seek,” “see,” “may,” “will,” “would,” or “target.” Forward-looking statements are based on the Company’s current expectations, beliefs, assumptions, and estimates concerning the future and are subject to significant business, economic, and competitive risks, uncertainties, and contingencies. These risks, uncertainties, and contingencies are difficult to predict, and could cause the Company’s actual results to differ materially from those expressed or implied in such forward-looking statements.
These risks include, among others, those related to the effects of the Chapter 11 Cases on the Company and the Company’s relationship with its various constituents, including colleges and universities, faculty, students, regulatory authorities, including the Department of Education, employees and other third parties; the Company’s ability to develop and implement the Plan and whether that Plan will be approved by the bankruptcy court and the ultimate outcome of the Chapter 11 Cases in general; the length of time the Company will operate under the Chapter 11 Cases; the potential adverse effects of the Chapter 11 Cases on the Company’s liquidity and results of operations, including failure to receive proceeds under the debtor-in-possession financing facility (the “DIP Facility”); the Company’s ability to operate within the restrictions and the liquidity limitations of the DIP Facility and any other credit facility that the Company may enter into in connection with the Chapter 11 Cases and restrictions imposed by the applicable courts; the timing or amount of any recovery, if any, to the Company’s stakeholders; the potential cancellation of the Company’s common stock in the Chapter 11 Cases; the delisting and deregistration of the Company’s common stock and becoming a private company; the potential material adverse effect of claims that are not discharged in the Chapter 11 Cases; uncertainty regarding the Company’s ability to retain key personnel; increased administrative and legal costs related to the Chapter 11 process; changes in the Company’s ability to meet its financial obligations during the Chapter 11 process and to maintain contracts that are critical to its operations; the effectiveness of the overall restructuring activities pursuant to the Chapter 11 Cases and any additional strategies that the Company may employ to address its liquidity and capital resources, achieve its stated goals, and continue as a going concern; the actions and decisions of equityholders, creditors, regulators, and other third parties that have an interest in the Chapter 11 Cases, which may interfere with the ability to confirm and consummate the Plan; and those risks described under the heading “Risk Factors” in 2U’s Annual Report on Form 10-K for the year ended December 31, 2023, 2U’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, and 2U’s other filings with the U.S. Securities and Exchange Commission. We refer you to such documents for a discussion of these and other risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may vary materially and adversely from those indicated or anticipated, whether express or implied, by such forward-looking statements. These forward-looking statements speak only as of the date they are made. The Company undertakes no duty or obligation to update any forward-looking statement after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.
Media Contact
C Street Advisory Group
2U@thecstreet.com
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SOURCE 2U, Inc.
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Huawei and IUCN Launch Tech4Nature Project to Protect Kenya’s Coral Reefs
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January 10, 2025By
NAIROBI, Kenya, Jan. 10, 2025 /PRNewswire/ — Huawei, International Union for Conservation of Nature (IUCN), and local partner Kenya Wildlife Service (KWS) have launched a Tech4Nature project to monitor and protect coral reef and biodiversity in Kenya’s Kisite-Mpunguti Marine Park and Reserve.
Aligned with Huawei’s TECH4ALL initiative and the IUCN Green List, the objective of the three-year project is to strengthen monitoring and management efficacy of the protected area. Located on the southern coast of Kenya, Kisite-Mpunguti Marine Park and Reserve faces a number of nature conservation challenges. These include:
Illegal fishing and insufficient human resources to effectively patrol the area.A lack of remote monitoring of the reserve’s three coral islands coupled with pressures created by tourism, as the fringing reefs are popular diving sites.Limited community awareness of the importance of reef and biodiversity protection.Insufficient communications network infrastructure for underpinning tech-driven monitoring.
“Tech4Nature is an expansive project that falls under Huawei’s digital inclusion initiative TECH4ALL, where we look at ways to implement technology and innovation in various sectors of our day today life and improving global standards and ensure that we have a sustainable way of life in the world,” said Khadija Mohamed, Director of Media and Government Relations for Huawei Kenya.
Underwater cameras, photogrammetry, and audio monitoring technologies will be deployed to monitor marine life, including the biomass and population of parrot fish. In many coral reef ecosystems, parrot fish are a keystone species that, due to their diet, help prevent coral from being smothered by seaweed and algae. The solution will also monitor substrate cover in the reef ecosystems, seagrass cover, and the occurrence of green turtles and bottlenose dolphins, which are classified on the IUCN Red List as endangered and vulnerable, respectively.
“The technology we are introducing is a groundbreaking development for marine conservation in Kenya. It will serve as the first monitoring tool for data collection, analysis, and management in a marine protected area. Additionally, this innovation presents an opportunity to assist the park in attaining IUCN Green List certification, aligning with the sustainability goals valued by tourists and ensuring that future generations can continue to benefit from our marine parks,” said Innocent Kabenga, Country Representative for the IUCN Kenya Country Office.
AI trained to recognize specific target species by sight or sound will provide real-time data-driven insights into the behaviors, populations, and distribution of biodiversity in the reserve and reef ecosystem. The system will also be able to identify boats used for illegal fishing, and send alerts for rangers to intervene in near real time.
A digital power solution and improved network connectivity covering the park and watch tower will enable the rapid transmission of collected data to a cloud server for analysis by AI.
The project will be implemented in partnership with Kenya Wildlife Service (KWS) and Wildlife Research and Training Institute (WRTI). Based on the project’s data-driven insights, the Tech4Nature partners will be able to develop targeted conservation measures for the reserve.
“For us to deliver our mandate of protecting and conserving our wildlife in both terrestrial and marine ecosystems, you have to understand your resources very well. We are partnering with Huawei and IUCN to deploy underwater cameras to acquire some data on marine mammal, corals, and fisheries to make informed decisions. The advantage of this technology it can be deployed in wider area that we couldn’t patrol every single day to get data for day and night for us to make good, informed decisions,” said Adan Kala, Senior Assistant Director, Coast Conservation Area, Kenya Wildlife Service.
In addition, the project will include community outreach to raise awareness about biodiversity changes over time and the presence of different species, including those that are threatened, vulnerable, or endangered.
The site will be assessed against the IUCN Green List Standard, with the goal being that the reserve obtains Green List certification.
About Tech4Nature
Huawei and IUCN launched the Tech4Nature global partnership in 2020 to scale up success in nature conservation through technological innovation. Aligned with Huawei’s TECH4ALL initiative and the IUCN Green List, Tech4Nature has supported 11 flagship projects in 8 countries with tailored solutions to conservation challenges.
Visit the Tech4Nature website: https://tech4nature.iucngreenlist.org/what-is-tech4nature/
About TECH4ALL
TECH4ALL is Huawei’s long-term digital inclusion initiative and action plan. Enabled by innovative technologies and partnerships, TECH4ALL is designed to enable inclusion and sustainability in the digital world.
Visit the Huawei TECH4ALL website at https://www.huawei.com/en/tech4all
Follow us on X at https://x.com/HUAWEI_TECH4ALL
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SOURCE Huawei
Technology
CES 2025 | AAC Technologies Unveils Comprehensive Automotive Solutions, Paving the Way for Cabin Experience Evolution
Published
25 minutes agoon
January 10, 2025By
LAS VEGAS, Jan. 10, 2025 /PRNewswire/ — At the Consumer Electronics Show (CES) 2025, AAC Technologies, a pioneer in sensory experience, showcased its industry leadership by introducing a full spectrum of automotive solutions that span “acoustics, haptics, sensing, and image recognition.” Drawing on over three decades of expertise in the development and manufacturing of cutting-edge consumer electronics micro-components, AAC is now poised to offer a comprehensive, precise, real-time, and immersive sensory experience to the automotive sector, reinforcing its position as a trusted partner ready to meet the industry’s evolving technological and product demands.
Catering to the surging market demand, AAC presents a ready-to-deploy portfolio of automotive product solutions that address the critical aspects of intelligent driving and cabin experiences. The company is committed to expanding its innovative product offerings to lead the industry. AAC has been steadily expanding in the automotive industry since 2019, largely driven by the growing adoption of its automotive solutions. These solutions are playing an important role in advancing the capabilities of intelligent cockpits.
AAC’s Automotive Acoustic Solutions for Digital Cockpits
AAC Technologies has unveiled its cutting-edge digital cockpit solutions, showcasing a fusion of innovation in acoustics. AAC offers a holistic approach to audio system design, encompassing hardware, algorithms, and fine-tuning, all aimed at delivering a supremely immersive audio experience across various scenarios.
At CES, AAC set up a state-of-the-art 7.1.4 listening room, showcasing its self-developed advanced automotive audio algorithms such as Independent Sound Zones, NLC PRO (distortion suppression), Audio Track Separation, Virtual Surround (Plus), Virtual Venue, and 3D Chime. In collaboration with Premium Sound Solutions (PSS), a world-leading provider in acoustic components and sound systems, AAC has presented an array of top-tier offerings, including automotive speaker products and solutions, which garnered significant attention.
AAC also introduced the “Smart Audio Box,” a joint creation with Smart that marks the industry’s first all-scenario portable Hi-Fi speaker system designed for vehicles. Debuted on the Smart #5 model, this speaker system offers a unique audio experience, blending the boundaries between driving and the wild world of sound.
AAC’s Automotive Haptic Seat Solutions
The automotive industry is now redefining the car as more than just a way to get around—it’s becoming an extension of our living spaces. With this shift, expectations for the in-car experience are soaring, particularly when it comes to the haptic feedback and auditory elements of smart cockpits. At CES, AAC unveiled its groundbreaking haptic seat solution for vehicles, which fuses advanced haptic and acoustic technologies to create a more tranquil driving safety alert system , amp up entertainment with immersive sound, and even simulate engine sounds for an authentic driving feel, all while providing a space for relaxation and meditation. This innovation, a joint effort with Porsche China’s Innovation Office as part of the Rhythm Space project, is set to redefine comfort and pleasure in the driving experience for all on board.
AAC’s Automotive Sensing Solutions
AAC is leading the way in providing advanced sensing solutions and sensor technologies tailored for the automotive industry. AAC’s automotive-grade MEMS microphones boast a compact design, exceptional signal clarity(SNR), minimal distortion(THD), and a consistent frequency response. They also excel in maintaining uniform sensitivity and phase alignment, which translates to enhanced voice services and reliability in both the cabin and exterior environments. This innovation significantly boosts the user experience in voice interactions across a range of applications.
In addition, AAC has unveiled a line of vehicular inertial products, highlighted by our trio of high-performing MEMS IMUs. These units are engineered for accuracy and stability, designed to meet the diverse demands of various applications. They play a pivotal role in ensuring precise vehicle positioning and safety during the critical phases of advanced driver assistance and autonomous driving, reinforcing our dedication to advancing automotive safety and interaction.
AAC’s Automotive Image Recognition Solutions
In the ongoing quest for enhanced intelligent driving, ensuring safety and comfort has become a primary focus in the automotive industry. At this year’s CES, AAC showcased its complete lineup of lenses and camera modules. This includes those for intelligent driving applications like ADAS and surround view, as well as those for intelligent cockpit features such as DMS and OMS. Furthermore, AAC presented an integrated cockpit monitoring system. Collectively, these innovations provide accurate data for machine vision, thereby enhancing safety and intelligent driving capabilities. AAC’s solutions are designed to meet rigorous industry standards, including the EU’s DDAW (Driver Drowsiness and Attention Warning), E-NCAP (European New Car Assessment Programme), and China’s GB/T 41797-2022 “Performance Requirements and Test Methods for Driver Attention Monitoring Systems”.
AAC has also expanded its product line with a variety of automotive motor solutions. For example, AAC’s brushless motors, known for their quiet performance and adaptability, ensure a smooth and quiet experience for seat adjustments. AAC also offers linear control brake motors (EMB motors), linear control steering motors (RWA and HWA motors), and general EPS motors for advanced chassis applications, all of which have been tested and validated in multiple vehicle models. As the automotive industry advances towards higher levels of driving assistance, the adoption of linear control systems for chassis is becoming crucial. These motors use sensors to detect environmental information, replacing mechanical connections with electrical signals. This technology offers high precision, fast response times, compact designs, and lightweight construction, making it suitable for mass production. In scenarios such as highway driving, navigating narrow roads, and parking, these systems greatly enhance user comfort and meet the increasing demands for improved vehicle maneuverability and active safety.
Moving forward, AAC Technologies will continue to collaborate closely with automotive industry partners. By staying attuned to user preferences and driving technological advancements, AAC aims to lead the industry trend. The company’s focus is on delivering an outstanding intelligent cockpit experience, making every drive a source of joy and immersive sensory pleasure.
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SOURCE AAC Technologies
Technology
Smart Food Packaging Market worth $35.69 billion by 2029 – Exclusive Report by MarketsandMarkets™
Published
25 minutes agoon
January 10, 2025By
DELRAY BEACH, Fla., Jan. 10, 2025 /PRNewswire/ — The smart food packaging market is estimated at USD 26.42 billion in 2024 and is projected to reach USD 35.69 billion by 2029, at a CAGR of 6.2% from 2024 to 2029, according to a report published by MarketsandMarkets™.
The study ‘Active Packaging in the Food Industry’, published in October 2024, explores the growing significance of active packaging in response to changing consumer demands and market trends. Unlike traditional packaging, which is designed to be inert, active packaging interacts with the product and its environment to extend shelf life and maintain food quality. This can involve incorporating additives into packaging systems, such as oxygen and ethylene scavengers, antimicrobial agents, antioxidants, and flavor-absorbing or releasing compounds. Intelligent packaging systems, like time-temperature indicators and gas detectors, are also discussed, emphasizing the importance of consumer acceptance for the commercial success of these technologies. The study reviews key mechanisms used in active packaging, including oxygen scavengers, which reduce the presence of oxygen in food packaging by using iron-based or ascorbic acid-based systems. These methods help maintain product freshness by limiting oxidative damage. Carbon dioxide-generating systems are also used to suppress microbial growth, particularly in meat, poultry, fish, and cheese packaging. Furthermore, ethylene scavengers are vital for extending the shelf life of fruits and vegetables by controlling ripening processes.
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Other applications discussed include the use of flavor and odor absorbers/releasers, which enhance the sensory properties of packaged food, and antimicrobial packaging that inhibits microbial growth to ensure food safety. The potential of nanotechnology to develop new and more effective active and intelligent packaging solutions is highlighted, paving the way for further innovations in the food packaging industry. This study underscores the need for advanced packaging technologies to meet consumer demand for fresh, safe, and high-quality food products and their critical role in prolonging shelf life and improving food safety.
The Meat, Poultry & Seafood is the having a largest share within the application sector of the smart food packaging market.
Due to growing global demand, meat, poultry, and seafood accounts for the highest market share of application in the smart food packaging market. Its needs lie in extending shelf life, safety, and traceability. As per data provided by the USDA from October 2024, Brazil dominates global chicken meat exports during 2025 as the production will be 11.8 million tons. Australia’s poultry production will increase by 2 percent to 2.6 million tons, as high global demand is expected. Beef exports from Australia will also reach a record 1.9 million tons in the year, as its demand increases in the US. These trends point towards the increasing international meat trade and export opportunities.
Increased production and exports require more advanced smart packaging technologies, such as modified atmosphere packaging and active packaging, for freshness, less food waste, and greater safety. This will fuel innovation and adoption of smart packaging solutions, especially in global markets like East Asia and North America.
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The active packaging segment holds significant market share in the smart food packaging market during the forecasted period 2024-2029.
Active food packaging accounts for a major market share in the smart food packaging industry, which is mainly attributed to the quality improvement, safety, and shelf life that active packaging can offer. Technologies, including oxygen scavengers, moisture absorbers, and antimicrobial agents, respond to some of the most important consumer needs related to freshness and reduction of food waste.
It is primarily gaining adoption across key industries, including meat, poultry, seafood, and dairy, where growing concerns about global food safety and sustainability are driving growth. Additionally, increasing export of perishable food products, particularly in North America, Europe, and Asia-Pacific, further supports the increasing demand for active packaging. As manufacturers look for more innovative ways to meet their regulatory requirements and consumer demands, active packaging will maintain its position in the market.
Based on region, Europe has a significant share in the smart food packaging market.
The growth of the food and beverage industry in Europe is a major driving force for the smart food packaging market, which is motivated by the increasing demand for advanced packaging solutions that would ensure food safety, traceability, and extended shelf life. According to European Commission data (March 2024), the food and drinks industry generates ~USD 245 billion (€227 billion) in added value and employs 4.6 million people, making it the EU’s largest manufacturing sector in terms of jobs and value. SMEs are over 99% of businesses in this ecosystem. The sector has also recorded a food trade surplus, with exports doubled over the last decade to exceed ~USD 196 billion (€182 billion), contributing a positive balance of nearly ~USD 32 billion (€30 billion). These strong figures, combined with growing trade opportunities and EU Single Market benefits, are driving demand for smart food packaging technologies to support efficient, sustainable, and competitive food supply chains.
The report profiles key players such as Amcor plc (Switzerland), Mondi (UK), Sealed Air (US), Berry Global Inc. (US), Toyo Seikan Group Holdings, Ltd. (Japan), THE TETRA LAVAL GROUP (Switzerland), Crown (US), 3M (US), MITSUBISHI GAS CHEMICAL COMPANY, INC. (Japan), Multisorb (US), Huhtamäki Oyj (Finland), Timestrip UK LTD (UK), Stepac (Israel), Checkpoint Systems, Inc. (US), and Novipax Buyer, LLC (US).
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