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Apax's Cengage files for Chapter 11

Jul 03, 2013 - Private Equity International
Board and Executive Moves

Cengage Learning, an education textbook business owned by , has filed for Chapter 11 bankruptcy protection.Bought by the UK-headquartered firm and in 2007 for $7.7 billion, the company would have to refinance $2.1 billion of its outstanding $5.8 billion debt load next year. Now, through an agreement with a group of lenders who hold around $2 billion in first lien debt, it hopes to use the bankruptcy protection to eliminate $4 billion of debt from its balance sheet.

"The decisive actions we...