Moody's reviews Cambium

Moody's Investors Service said its review of Cambium Learning, Inc. is ongoing, including its Caa1 corporate family rating and noted that the company's failure to deliver audited 2007 financial statements constitutes a technical default under the terms of its loan agreement.

According to the terms of its 2007 senior secured credit agreement, Cambium was required to deliver audited 2007 financial statements to its lenders by May 15, the agency said, adding that the company's lenders subsequently granted temporary amendments to extend this date through July 15 and again through Aug. 15.

Moody's said it considers that Cambium's failure to provide lenders with financial statements by Aug. 15 now represents a technical default under the terms of its loan agreement.

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