2U Inc ( TWOU ) shares are trading lower by 61% to $1.58 during Thursday’s session after the company filed for Chapter 11 bankruptcy to facilitate a Restructuring Support Agreement.

2U announced it has initiated a financial restructuring to improve its balance sheet and support its mission of expanding global access to education.

The company entered into a Restructuring Support Agreement with lenders holding 87% of its debt, securing $110 million in new capital and reducing its debt by over 50% to about $459 million. To facilitate this, 2U has filed for “prepackaged” Chapter 11 bankruptcy in New York, expecting to complete the process by September.

During this time, 2U says the company will continue normal operations and services for students and partners. Post-bankruptcy, 2U will emerge as a private company with continued backing from its current investors.

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According to data from Benzinga Pro, TWOU has a 52-week high of $144.30 and a 52-week low of $1.05.