October 10, 2015

Court Confirms Cengage Learning’s Plan of Reorganization

From Cengage:

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.

Read the Complete Announcement

See Also: Cengage Comes To Terms with Creditors, Prepares to Exit Bankruptcy (February 6, 2014; via LJ)

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.

Craft Exceptional Digital Experiences for Your Users
Digital UX LJ and ER&L present an exceptional roster of library and user experience (UX) experts for our newest online course, Digital UX Workshop: Crafting Exceptional Digital Experiences for the User-Centered Library. During this 5-week online workshop, you will explore why UX matters, and how to sell user-centered design (UCD) to leadership within your organization. Whether you want to redesign your website, revamp your user interface, create a new discovery tool, implement e-resources, or develop a mobile app—you’ll have a tangible product by the end of the course.