Senior Lenders Sue Cengage Over $430M Withdrawal
The first-lien lenders filed a complaint with U.S. Bankruptcy Judge Elizabeth S. Stong, saying Cengage had improperly drawn down its credit revolver, then invested the money in mutual funds that would pay unsecured creditors.
Cengage knew it was tumbling toward bankruptcy on March 15 when it pulled out the...
Already a subscriber? Click here to login