Cengage Reaches Restructuring Deal
Posted at 3:29PM Monday 03 Feb 2014
Cengage Learning, Inc. announced Monday morning that it has reached an agreement with its major financial stakeholders and creditors that will allow it to emerge from Chapter 11 within several months. The agreement, which still needs court approval, will eliminate more than $4 billion of Cengage's approximately $5.8 billion of outstanding debt. Cengage, the publisher of educational content and software for the academic, professional and library markets worldwide, filed for bankruptcy last July.
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