November 17, 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.