Stamford, CT - April 14, 2014 - Cengage Learning, a leading educational content, software and services company, today named its Boston, MA office as the new corporate headquarters for its global business. In an unprecedented move, the company is establishing its central operations in the Channel Center, located in Boston's Innovation District.
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.
The following are deals, court filings and closures in the printing, packaging, paper and related industries for the month of July: Transactions in the book printing industry took center stage in July; the headline act was the Chapter 11 bankruptcy filing of Cengage Learning. The company is now moving rapidly to a digital strategy, as it seeks to shed more than $4 billion in debt through the bankruptcy process. CEO Michael Hansen, as reported by Bloomberg, squarely placed the blame on the company itself for not adopting digital quickly enough.
Cengage Learning Inc. filed for bankruptcy protection more than five years after a buyout led by Apax Partners LLP left the textbook publisher with about $5.8 billion in debt. Under a deal with...