Cengage’s long slow, reckoning with a bankruptcy filing — the only way the company can deal with its mountain of more than $5 billion in debt — is nearing its culmination. As previously reported, a payment of $225 million due July 5 remains the trigger point. The WSJ essentially confirms the obvious: Cengage “is preparing to file for bankruptcy protection in the coming days, said several people familiar with the plans…currently negotiating a prearranged bankruptcy restructuring with senior creditors.” But the actual filing could come “a couple of days after July 5 depending on how the negotiations progress, some of […]