Cengage Creditors Sign Off on Pre-Negotiated Bankruptcy
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Cengage Learning reached an agreement with an ad hoc committee of first lien lenders to reduce approximately $4 billion of the company’s $5.8 billion of outstanding debt, the company announced yesterday. In conjunction with the deal, and as the company announced it might in May, Cengage and its domestic, wholly owned subsidiaries filed voluntary petitions for Chapter 11 in the Bankruptcy Court for the Eastern District of New York. (Cengage’s non-U.S. subsidiaries are not included in the filings and “will continue to operate in the ordinary course without interruption,” the company said in a statement.)
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