Cengage Learning Inc., the struggling textbook publisher owned by private-equity firm Apax Partners, is preparing to file for bankruptcy protection in the coming days, the Wall Street Journal reported today. Cengage, which employs about 5,400 people, is currently negotiating a pre-packaged bankruptcy restructuring with senior creditors to rework more than $4 billion in debt, and plans to seek chapter 11 court protection by July 5. Cengage plans to skip a $225 million debt payment due that day. Apax also holds roughly $800 million in Cengage debt alongside a host of other investment firms, and will likely share ownership of the company after it emerges from bankruptcy proceedings.
