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.
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.
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