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ISDA: Bankruptcy credit event occurs for Cengage Learning
By Toni Weeks
San Luis Obispo, Calif., July 10 - The International Swaps and Derivatives Association, Inc. (ISDA) said its Americas Credit Derivatives Determinations Committee determined that a bankruptcy credit event has occurred for Cengage Learning Acquisitions, Inc.
ISDA said it will publish further information on its website in due course, including whether an auction for the company's outstanding credit default swap transactions will be held.
Cengage, a Stamford, Conn.-based provider of teaching, learning and research services for the academic, professional and library markets, filed for bankruptcy on July 2. The Chapter 11 case number is 13-44106.
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