Cengage Learning Gets Green Light For Reorganization Plan

Law360, New York (March 13, 2014, 3:45 PM EDT) -- Textbook publisher Cengage Learning Inc. on Thursday scored a New York judge’s approval of its reorganization plan, allowing the company to exit its nine-month bankruptcy and knock out $4 billion in debt.

Cengage, which was reported to be the largest public company to file for bankruptcy in 2013, said it expects to emerge from bankruptcy in the next few weeks. Under the terms of the plan, Cengage will get rid of $4 billion in debt, with first-lien lenders receiving the majority of the reorganized entity’s equity,...
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