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Cengage CEO Seeking Restructuring, May File Bankrupy

Cengage Learning Inc., the educational publisher owned by Apax Partners LLP, said it’s seeking to negotiate with creditors on a restructuring plan and may need to file bankruptcy as part of its turnaround efforts.

“We will seek to negotiate the terms of a comprehensive restructuring transaction with our key creditor constituents and quickly implement the restructuring plan,” Chief Executive Officer Michael Hansen said today on a conference call after the company reported third-quarter results.