Court Confirms Cengage Learning’s Plan of Reorganization
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.
About Gary Price
Gary Price (firstname.lastname@example.org) 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. Gary is also the co-founder of infoDJ an innovation research consultancy supporting corporate product and business model teams with just-in-time fact and insight finding.