Textbook giant Cengage needs to restructure their huge debt load of over $5 billion, and the company has loomed for a while now as publishing’s next big bankruptcy/restructuring. After extending maturities on various tranches of debt last year, the WSJ reports that the company “in recent weeks has held discussions with Alvarez & Marsal,” a restructuring/turnaround firm, “though no decision has been made.” Their sources indicated “no restructuring appears imminent as the company weighs options for addressing its finances.” That has been the official company line for some time; as recently as last November, CFO Dean Durbin told analysts, “I […]
