Tag Archives: Bankruptcy

Cengage Learning Emerges From Chapter 11; Completes Financial Restructuring

“Cengage Learning, Inc., a leading global educational content, technology and services company for the higher education and K-12, professional and library markets, announced today that it has emerged from Chapter 11, having completed its financial restructuring. “We have used the restructuring process to significantly reduce debt and associated costs, and substantially improve our capital structure while continuing to meet the educational and research needs of our customers and end-users,” said Michael Hansen, Chief Executive Officer of Cengage Learning. “I am pleased to say that today we are well positioned in the global marketplace to deliver the best content, digital solutions and personalized services in education and research.” (via Cengage Learning)

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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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Bankrupt San Bernardino Closes Libraries to Close Deficit

“San Bernardino, California, the second-largest U.S. city to enter bankruptcy, will close its branch libraries, dismiss school crossing guards and buy fewer bullets while under court protection. The reductions are part of a plan to reduce a budget deficit by two-thirds, to $16.4 million from $45.8 million, approved by the City Council yesterday. The council backed away from some cuts in the Fire Department, meaning that the city may not realize all of the savings outlined in the proposal until those cuts or alternatives are adopted.”

via Bloomberg

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