[Press Release]Court Confirms Cengage Learning’s Plan of Reorganization Cengage Learning, Inc., a leading global educational content, software and services company for the academic, professional and library markets, announced today that it has received confirmation of its Plan of Reorganization from the Bankruptcy Court for the Eastern District of New York, which has been overseeing the Company’s Chapter 11 proceedings following its voluntary filing on July 2, 2013. The Plan received full support from all of the company’s major stakeholders. The confirmation clears the way for Cengage Learning to emerge from its court-supervised financial restructuring as expected, within the next few weeks.Michael Hansen, Chief Executive Officer of Cengage Learning, said, “We have made excellent progress in our financial restructuring, and, with the court approval of our Plan of Reorganization now received, we are poised to exit Chapter 11 in only a few weeks. We have used this process to establish a new capital structure with a substantially stronger balance sheet. We expect to emerge as an even more competitive and well-capitalized company, with excellent liquidity and greater financial flexibility to accelerate our growth and continue to meet the evolving needs of our users and customers.”“We are continuing to execute our strategy …read more

Via: Digital Book World