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Cengage Emerges From Chapter 11, Citibank Agents ABL Exit Facility

Cengage Leasing announced it has emerged from Chapter 11, having completed its finance restructuring. A lender group led by Citibank, acting as ABL facility agent, provided $1.75 billion in exit financing.

Bloomberg: Cengage Reorganization Settlement Cuts $4B in Debt

Bloomberg reported Cengage Learning reached a deal with lenders and other creditors to reorganize and eliminate more than $4 billion of its $5.8 billion in funded debt.

February 5, 2014 Cengage Learning ABF Journal

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Cengage Emerges From Chapter 11, Citibank Agents ABL Exit Facility

Bloomberg: Cengage Reorganization Settlement Cuts $4B in Debt