November 24, 2017

Q&A: Cengage Learning CEO Michael Hansen on Coming Out of Bankruptcy

Cengage Learning announced today that it has emerged from Chapter 11 bankruptcy, having completed its financial restructuring, eliminating approximately $4 billion in funded debt and securing $1.75 billion in exit financing. LJ caught up with Michael Hansen, Chief Executive Officer of Cengage Learning, to find out what this means and what’s next for the company.

Cengage Comes To Terms with Creditors, Prepares to Exit Bankruptcy

Academic software and services company Cengage Learning last year filed for Chapter 11 Bankruptcy protection on July 2, 2013 to restructure its $5.8 billion debt load. This week, the company announced a deal with its major creditors and stakeholders and a reorganization plan that executives say will mark the beginning of a path out of bankruptcy and back to financial health.

Where Detroit’s Bankruptcy Leaves Library, Employees

Four months after Detroit filed for the largest municipal bankruptcy in U.S. history, retired Detroit Public Library (DPL) employees are still struggling with anxiety over the fate of their retirement benefits, which are all-but certain to be targeted for significant cuts as part of a wide-ranging strategy to return the troubled city to solvency.

Cengage Creditors Sign Off on Pre-Negotiated Bankruptcy

Cengage Learning reached an agreement with an ad hoc committee of first lien lenders to reduce approximately $4 billion of the company’s $5.8 billion of outstanding debt, the company announced yesterday. In conjunction with the deal, and as the company announced it might in May, Cengage and its domestic, wholly owned subsidiaries filed voluntary petitions for Chapter 11 in the Bankruptcy Court for the Eastern District of New York. (Cengage’s non-U.S. subsidiaries are not included in the filings and “will continue to operate in the ordinary course without interruption,” the company said in a statement.)

Cengage May Declare Bankruptcy

Major academic content, software, and services company Cengage Learning is considering filing for bankruptcy relief, the company’s CEO, Michael Hansen, said on a call reporting third quarter financial results.

Houghton Mifflin Harcourt Files Chapter 11, To Swap Debt for Equity

Major publishing house Houghton Mifflin Harcourt (HMH) filed for Chapter 11 bankruptcy today in the U.S. Bankruptcy Court for the Southern District of New York. The “pre-packaged” restructuring is expected to be completed by the end of June. In the court filing, HMH estimated that it owed more than $1 billion in debts (the press […]

Jefferson County, AL, Bankruptcy Cuts Library Funding

The bankruptcy of Jefferson County, AL, is leaving a trail of collateral damage to services in its wake, libraries included. Until the current crisis, the Jefferson County Library Cooperative (JCLC) had received the majority of its funding from the county for 33 years.