Cengage Learning Reaches Agreement with Lenders to Restructure Balance Sheet and Strengthen Financial Position

“Cengage Learning, Inc., a leading educational content, software and services company for the academic, professional and library markets worldwide, announced today an agreement with certain of its lenders to restructure its balance sheet and significantly reduce its approximately $5.8 billion of outstanding debt to better position the Company for long-term growth and profitability. In order to implement the financial restructuring, Cengage Learning and all of its domestic wholly-owned subsidiaries have filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Eastern District of New York.” (via Cengage Learning)

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