Taking Advantage of Market Opportunities in the Credit Crisis: Cengage Learning

Case Solution

Margaret Cannella
Columbia Business School ()

The winter of 2009 was a challenge for Cengage Learning, a heavily indebted provider of textbooks and professional materials that had been developed by ThomsonReuters LBO in 2007. The recession had not only weakened its pricing power, but its bonds from The benchmark had also fallen to levels that would indicate a distressed stock in normal years. However, along with these difficulties, there was an opportunity to reduce debt amid the turmoil in the high-yield and leveraged loan markets. In that case, students study materials such as Cengage’s Debt Collection and Capital Structure Analysis to create a proposal book that recommends whether the company should conduct debt buybacks, a debt swap, or maintain its current position.

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