Following mediation by the Southern District’s US Bankruptcy Court, bankrupt Cengage says they have “reached an agreement with the company’s major financial stakeholders and creditors” to emerge from Chapter 11 once approved by the Court. As planned all along, more than $4 billion of their big debt load of $5.8 billion will go away (which still leaves them carrying substantial ongoing debt), and the company has lined up exit financing of between $1.5 billion and $1.75 billion, plus a new revolving credit line of about $250 million. The company hopes to have their plan confirmed by the court in March. […]