|Weekly News Digest
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Cengage Learning Announces Reorganization Plans
Cengage Learning reached an agreement with all of its major financial stakeholders and creditors to create a Plan of Reorganization for the company that will begin in March 2014. Cengage intends to reduce its debt by restructuring its balance sheet.
“Under the Plan, Cengage Learning will have a new capital structure with a substantially stronger balance sheet and greater financial flexibility to accelerate our growth,” says Michael Hansen, Cengage’s CEO.
After declaring Chapter 11 bankruptcy in July 2013, Cengage filed an initial reorganization plan. This amended version incorporates a global settlement, subject to court approval, among Cengage, its debt holders, its primary equity holder, and the Official Committee of Unsecured Creditors.
If granted, the settlement will allow Cengage to eliminate more than $4 billion of its $5.8 billion debt as it reorganizes the company’s finances.
Source: Cengage Learning
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