Cengage Learning, Inc., a leading global educational content, software and services company for the academic, professional and library markets, announced today that it has received confirmation of its Plan of Reorganization from the Bankruptcy Court for the Eastern District of New York, which has been overseeing the Company’s Chapter 11 proceedings following its voluntary filing on July 2, 2013.
The Plan received full support from all of the company’s major stakeholders. The confirmation clears the way for Cengage Learning to emerge from its court-supervised financial restructuring as expected, within the next few weeks.
Under the Plan, which resulted from a global settlement announced in February with the company’s major financial stakeholders and creditors, Cengage Learning will reduce its funded debt by more than $4 billion and secure $1.75 billion in new financing. It expects the Plan to become effective within the next few weeks, once all closing conditions have been met.
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