Bankrupt Skillsoft’s $60 Million Loan, Sale Negotiation Approved

Bankrupt Skillsoft Corp. won court approval of a $60 million post-bankruptcy debtor-in-possession loan, along with other court approvals that are typical in the early stages of Chapter 11 reorganization cases.

The learning and talent management software company can immediately access $30 million of the loan from a group of its pre-bankruptcy lenders, Judge Mary Walrath of the U.S. Bankruptcy Court for the District of Delaware said Tuesday at a first day motions hearing.

Walrath also granted Skillsoft’s motion to allow it to negotiate exclusively with an unnamed interested party for the purchase of the company. The sale, if it happens, ...