Judge Sets Timeline On Cengage Ch. 11 Plan

Law360, New York (February 12, 2014, 7:11 PM EST) -- Cengage Learning Inc. is a step closer to moving out of Chapter 11 bankruptcy after a New York bankruptcy court on Wednesday opened the door to the approval of an amended settlement plan that would eliminate $4 billion of its $5.8 billion debt.

U.S. Bankruptcy Judge Elizabeth S. Stong approved a motion allowing Cengage to poll creditors on the amended settlement plan, which could lead Cengage to exit bankruptcy as soon as this March.

Under the approved timeline, the creditors will have until March 10 to...
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