Report: “Cengage Learning May File for Bankruptcy Protection Soon – WSJ”
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.
About Gary Price
Gary Price (email@example.com) is a librarian, writer, consultant, and frequent conference speaker based in the Washington D.C. metro area. He earned his MLIS degree from Wayne State University in Detroit. Price has won several awards including the SLA Innovations in Technology Award and Alumnus of the Year from the Wayne St. University Library and Information Science Program. From 2006-2009 he was Director of Online Information Services at Ask.com.