Cengage Updates Ch. 11 Plan Ahead Of Creditor Vote

Law360, New York (February 25, 2014, 9:40 PM EST) -- Bankrupt textbook publisher Cengage Learning Inc. on Monday filed a supplement to its proposed Chapter 11 plan in New York bankruptcy court, providing terms on close to $2 billion in exit financing and a valuation of stock to be issued in the reorganized company.

The plan supplement furnishes additional information to creditors set to vote on Cengage's amended Chapter 11 plan, which if approved would eliminate $4 billion of the publisher's $5.8 billion debt.

The supplement details Cengage's proposed exit financing, consisting of two credit agreements...
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