Eurazeo’s WorldStrides Goes Bust Less Than 3 Years After LBO (1)

Educational travel company WorldStrides Holdings filed for Chapter 11 bankruptcy on Tuesday with plans to sell the company back to its current owners.

WorldStrides, which provides educational travel and learning programs for more than 550,000 students a year, began canceling programs in February and called off the rest of its trips in March, the company said in court papers filed in U.S. Bankruptcy Court in Southern District of New York. The spread of Covid-19 “decimated” the business, the company said.

French private equity firm Eurazeo SE and China’s Primavera Capital acquired the company through a 2017 leveraged buyout. WorldStrides’s bankruptcy ...