Cengage Receives Final OK for Reorganization Plan
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Cengage Learning appears poised to emerge from bankruptcy after the academic publisher's plan of reorganization on Thursday received court approval. The plan, supported by all of Cengage's major stakeholders, eliminates about $4 billion of the company's debt, and secures Cengage $1.75 billion in exit funding. In a press release, the company said the plan is likely to take effect in the coming weeks. Cengage filed for bankruptcy protection last July.