Confirming reports last month, heavily-indebted publisher Cengage has formally retained restructuring firm Alvarez & Marsal, along with restructuring attorneys at Kirkland & Ellis and restructuring bankers at Lazard, “as part of ongoing efforts to assess its capital structure.” The company has to reckon with approximately $5.3 billion in debt and weakening sales and profits. At the same time as the appointments, the company all but maxed out their revolving line of credit, drawing down another $430 million to make sure they can fill their working capital needs. Spokesman James McCusker told the WSJ, “We would prefer to have the money […]
