Cengage Learning Inc. said yesterday that it reached an agreement with its major creditors that will cut the textbook publisher's debt by $4 billion and pave the way to exit chapter 11 protection, Reuters reported yesterday. The company said that the agreement will modify a previously filed reorganization plan and gives it the support needed to confirm its plan in March. Prior to the agreement, the company had $5.8 billion of outstanding debt, much of it accumulated as a result of a leveraged buyout led by Apax Partners in 2007. The private equity fund acquired Cengage, which develops teaching materials for schools and libraries, for $7.75 billion from Thomson Reuters Corp.
