Cengage Learning filed with the U.S. Bankruptcy Court a motion for entry of an order (a) approving appointment of a mediator and scheduling mediation in connection with confirmation of the Debtors’ Plan, (b) scheduling certain hearing dates and deadlines in connection with confirmation of the Debtors’ Plan and (c) scheduling certain hearing dates and deadlines in connection with certain contested issues relating to the Debtors’ Plan. The motion explains, “While progress is being made, the Debtors believe that further progress requires that a clear and definitive process be established for the Debtors and all parties in interest to address the critical issues in these chapter 11 cases. And this needs to be done in an efficient and expeditious manner. The Debtors’ position is and has been clear in these chapter 11 cases: the Debtors need to emerge from bankruptcy expeditiously, while preserving and protecting the rights of all parties in interest In the Committee’s Adjournment Motion (the ‘Adjournment Motion’), the Committee requested that the hearing to on the Disclosure Statement occur no earlier than October 25, 2013 and that the confirmation hearing be scheduled no earlier than December 10, 2013. This timeframe achieves the Debtors’ need of emerging from chapter 11 by year end, while assuring that all parties’ rights are preserved and protected. However, the Debtors firmly believe that this can only be accomplished if a definitive schedule is set and a mediator is appointed. The Debtors do not believe the issues in this case are particularly unique or complicated and that the parties should be able to work through the outstanding issues on their proposed timeline, especially with the assistance of a mediator.” Separately, the Debtor’s also filed a motion to shorten the time period with respect to this motion.
About Kerry Mastroianni
Kerry Mastroianni, the editor of The Distressed Company Alert, has been researching distressed and bankrupt companies for over 18 years. As a 10-year employee of New Generation Research, she is also a data editor for Bankruptcy Week and the editor for our annual Bankruptcy Yearbook & Almanac. Prior to Kerry’s employment at NGR, she worked for eight years as a research analyst for KPMG’s corporate recovery practice.