|Weekly News Digest
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Court Approves Cengage's Plan of Reorganization
Cengage Learning received confirmation that the Bankruptcy Court for the Eastern District of New York approved the company’s Plan of Reorganization. Cengage intends to emerge from its court-supervised financial restructuring within the next few weeks.
The court’s decision stems from a February 2014 agreement with all of Cengage’s major financial stakeholders and creditors to create a Plan of Reorganization that included a global settlement among Cengage, its debt holders, its primary equity holder, and the Official Committee of Unsecured Creditors. The settlement allows Cengage to eliminate more than $4 billion of its $5.8 billion debt and secure $1.75 billion in new financing, which frees the company from the Chapter 11 bankruptcy it declared in July 2013.
Source: Cengage Learning
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