Cengage Strikes Debt Reduction Deal
The academic publisher Cengage Learning on Monday announced it had struck a deal with its creditors that will enable the company to complete its restructuring process. The company filed for bankruptcy protection last July. The agreement would eliminate $4 billion of Cengage's remaining debt -- which totals about $5.8 billion -- and the company would receive financing for an additional $1.75 billion to $2 billion. The plan has yet to be approved by the bankruptcy court, but it has attracted support from "all of Cengage Learning’s most significant creditors," CEO Michael Hansen said in a statement.