Cengage Learning emerges from bankruptcy
Cengage Learning announced April 1 that it has emerged from Chapter 11, having completed its financial restructuring.
“We have used the restructuring process to significantly reduce debt and associated costs, and substantially improve our capital structure,” said Chief Executive Officer Michael Hansen.
The company has eliminated more than $4 billion in funded debt and secured $1.75 billion in exit financing. As part of its financial restructuring, the company said that it has forged new technology partnerships, revamped its product development and delivery model, and realigned its sales and marketing approach to reach faculty and students, putting them first in the development of educational materials.
According to a FAQ sheet issued by the company regarding its restructuring, authors are receiving “royalties earned for sales in accordance with their contracts.” Read this discussion of the Cengage bankruptcy by TAA members and other authors.
For more information, including a video from CEO Michael Hanson, visit the Cengage blog.
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