Cengage Learning announced today that it has emerged from Chapter 11, having completed its financial restructuring.
“We have used the restructuring process to significantly reduce debt and associated costs, and substantially improve our capital structure while continuing to meet the educational and research needs of our customers and end-users,” said Michael Hansen, Chief Executive Officer of Cengage Learning. “I am pleased to say that today we are well positioned in the global marketplace to deliver the best content, digital solutions and personalized services in education and research.”
Cengage Learning has eliminated approximately $4 billion in funded debt and has excellent liquidity to support its strategic plans, having secured $1.75 billion in exit financing. In addition, the company has forged new technology partnerships, revamped its product development and delivery model, and realigned its sales and marketing approach to get even closer to end-users in order to anticipate their evolving needs.