(Stamford, CT, 2 July 2013) Cengage Learning, Inc. today announced an agreement with certain of its lenders to restructure its balance sheet and significantly reduce its approximately USD5.8 billion of outstanding debt to better position the Company for long-term growth and profitability. In order to implement the financial restructuring, Cengage Learning and all of its domestic wholly-owned subsidiaries have filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Eastern District of New York.
Read the entire announcement here.
