April 15, 2014

Report: “Cengage Learning May File for Bankruptcy Protection Soon – WSJ”

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From Reuters:

Textbook publisher Cengage Learning Acquisitions Inc may file for bankruptcy protection in the coming days, the Wall Street Journal said, citing people familiar with the matter.

The publisher, which is owned by British investment firm Apax Partners, is currently negotiating a prearranged bankruptcy restructuring with senior creditors and plans to seek Chapter 11 court protection as early as July 5, the Journal said.

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The Stamford, Connecticut-based publisher is discussing a host of options with creditors to eliminate a significant chunk of debt, according to the Journal. They include forgiving debt for ownership stakes in a restructured Cengage; exchanging current debt for new debt with a later due date; and receiving some cash repayment.

Read the Complete Article

See Also: Cengage May Declare Bankruptcy (via Library Journal; May 14, 2013)

See Also: Report: “Cengage CEO Seeking Restructuring, May File Bankruptcy” (May 10, 2013)

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Gary Price About Gary Price

Gary Price (gprice@mediasourceinc.com) is a librarian, writer, consultant, and frequent conference speaker based in the Washington D.C. metro area. Before launching INFOdocket, Price and Shirl Kennedy were the founders and senior editors at ResourceShelf and DocuTicker for 10 years. From 2006-2009 he was Director of Online Information Services at Ask.com, and is currently a contributing editor at Search Engine Land.