Anthology Declares Bankruptcy, Blackboard to Remain as the Core — from onedtech.philhillaa.com by Phil Hill
The official Chapter 11 plan is to recapitalize around Blackboard and sell off SIS/ERP and CRM/Student Success to competitors
Anthology Inc., the Veritas Capital-backed education-software provider has sought Chapter 11 bankruptcy protection in the US after a failed attempt to sell the company or parts of the business outside of court protection.
The company filed for Chapter 11 in the United States Bankruptcy Court for the Southern District of Texas, according to a statement on Tuesday. It listed assets and liabilities of $1 billion to $10 billion each in its petition, court documents show.
As part of the process, the firm will focus on its core teaching and learning business, which will be recapitalized with at least $50 million of new cash and its debt completely written off, Anthology said in a press release. The deal is backed by investors that include Oaktree Capital Management LP and Nexus Capital Management, and expected to be completed by early 2026.
Also see this posting out on LinkedIn: