Cengage Surfaces

Cengage Learning emerged from bankruptcy on Tuesday, returning to the textbook market with less debt and more funding, but also with the same challenges facing the academic publishing industry.

Saddled with $5.8 billion in debt, Cengage filed for bankruptcy protection in July 2013 as part of its restructuring efforts. The publisher reached a settlement with its creditors this February, eliminating $4 billion of the debt, and secured an additional $1.75 billion in exit funding.