Text book publisher, Cengage Learning, files for bankruptcy protection

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Text book publisher, Cengage Learning, files for bankruptcy protection

Jul 03 2013

Cengage Learning, a private equity-backed education company, filed for Chapter 11 bankruptcy protection on Tuesday as part of an effort to shrink its $5.8 billion debt load. The company, based in Stamford, Conn., also said that it had entered into a restructuring agreement with lenders who hold $2 billion of its first-lien debt. The restructuring will eliminate more than $4 billion in debt from the company’s balance sheet.

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