Information About Our Restructuring
To meet our customers’ evolving needs and position our company for growth and profitability, Cengage Learning has been taking steps to enhance our customer relationships and introduce innovative digital and print products and services. To support our long-term business strategy, we also have been working to reduce corporate debt and strengthen our financial foundation. The restructuring will give Cengage Learning greater capacity to move forward as a successful digital education leader and world-class information provider.
Throughout this process, we have been conducting normal business operations, with no expected disruptions to our relationships with our customers, authors, employees, content providers, or vendors. As we stated when we initiated our financial restructuring on July 2, 2013, our customers and users can be confident that we will continue providing high quality educational content, products, and the industry leading services and support that they are accustomed to, without interruption. We’re going to be delivering innovative customer offerings for many years to come.
On February 3, 2014, we announced a settlement agreement with our major financial stakeholders regarding the terms of an amended Plan of Reorganization. This Plan incorporates a global settlement between and among Cengage Learning, holders of a super-majority of our first lien, second lien, and unsecured debt, our existing primary equity holder, and the Official Committee of Unsecured Creditors, and thus assures the necessary support from key creditor groups for confirmation of our Plan in March 2014. We have obtained Court approval of our supplemental Disclosure Statement and related voting procedures and will be soliciting approval for this Plan from the required creditor groups. After the Plan is approved by the Court, Cengage Learning will complete its restructuring and emerge from Chapter 11.
- Frequently Asked Questions About Our Financial Restructuring (February 20, 2014)
- "Cengage Learning Announces Global Settlement With All Major Financial Stakeholders" (February 3, 2014)
- "Cengage Learning Reaches Agreement with Lenders to Restructure Balance Sheet and Strengthen Financial Position" (July 2, 2013)