Apax Sues Cengage To Ensure Payment Under Ch. 11 Plan

Law360, New York (September 11, 2013, 7:23 PM EDT) -- Private equity firm Apax Partners LP on Tuesday sued bankrupt textbook publisher Cengage Learning Inc. in New York bankruptcy court to ensure that it will receive its share of distributions to first-lien secured debt holders.

Apax, a controlling shareholder of Cengage, voiced concern over a provision of Cengage’s proposed reorganization plan that delays distribution to Apax if anyone objects to any of its claims until the objection is resolved. Apax says it holds $850 million in first-lien obligations, which it purchased on the open market before...
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