Information About Our Restructuring
To meet our customers' evolving needs and position our company for future growth and profitability, Cengage Learning has been taking steps to enhance our customer relationships and introduce innovative digital and print products and solutions. The next component of our transformation is the restructuring of our corporate balance sheet and reduction of debt to support our long-term business strategy. The reduction of our debt and the improvement of our capital structure will give Cengage Learning a greater capacity to move forward as a digital education leader and world-class information provider.
To advance the financial restructuring, Cengage Learning, Inc. and certain of its domestic subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code on July 2, 2013. On October 3, 2013, Cengage Learning filed an amended Plan of Reorganization and Disclosure Statement with the Bankruptcy Court. We obtained approval by the Court of the Disclosure Statement on November 25, 2013, and it will be mailed to our creditors for solicitation of their approval of the Plan. We will emerge from Chapter 11 after the Plan receives the requisite creditor approvals and is confirmed by the Court.
Cengage Learning is maintaining normal business operations throughout the restructuring process, with no expected disruptions to our relationships with our customers, authors, employees, business partners and vendors.
Our customers can be confident that they will continue receiving high quality educational content, products and industry leading services and support they are accustomed to without interruption. Our vendors are being paid in full for all goods and services provided from the date Cengage Learning filed for Chapter 11 forward. Our employees are being paid in full and are receiving their benefits in the same way.
- "Cengage Learning Reaches Agreement with Lenders to Restructure Balance Sheet and Strengthen Financial Position" (July 2, 2013)