Cengage continues its slow march to the inevitable restructuring that has loomed for a while, and for the first time management has openly (and casually) talked about bankruptcy reorganization. The main questions now are who will lead that bankruptcy plan, can they organize a pre-packaged plan, and which private equity company will control what’s left? The latest step is driven by Cengage’s third quarter earnings report. In a modest “operational restructuring” they took a $12.7 million charge related to firing an unspecified number of employees. More significantly, the preliminary results of a new strategic plan and revised more realistic expectations […]
