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Cengage Learning Liquidation Analysis Filed

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Cengage Learning filed with the U.S. Bankruptcy Court the liquidation analysis as Exhibit F to the Disclosure Statement for Debtors’ Joint Plan of Reorganization Pursuant to Chapter 11 of the Bankruptcy Code. The liquidation analysis states, “The Liquidation Analysis has been prepared assuming that the Debtors converted their cases from Chapter 11 cases to Chapter 7 cases on or about February 28, 2014 (the ‘Conversion Date’). Except as otherwise noted herein, the Liquidation Analysis is based upon the unaudited balance sheets of the Debtors as of August 31, 2013 and foreign non-debtor affiliates as of June 30, 2013 and those values, in total, are assumed to be representative of the Debtors’ assets and liabilities as of the Conversion Date. On the Conversion Date, it is assumed that the Bankruptcy Court would appoint a Chapter 7 trustee (the ‘Trustee’) to oversee the liquidation of the Debtors’ estates, during which time all of the Debtors’ major assets would be sold or surrendered to the respective lien holders, and the cash proceeds, net of liquidation-related costs, would then be distributed to creditors in accordance with relevant law.” The Court scheduled a November 12, 2013 hearing to consider the Disclosure Statement.

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