The Daily Docket: Cengage Strikes Bankruptcy-Exit Deal

Cengage Learning Inc. said Monday that it has reached a settlement with its creditors that paves the way for the textbook publisher to exit Chapter 11 bankruptcy next month. Read the Daily Bankruptcy Review story here.

(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)

China’s onetime solar-power giant Suntech Power Holdings Co. plans to file for bankruptcy protection in U.S. court as its leaders negotiate with the holders of more than $500 million in U.S. convertible bonds. Read the DBR story in The Wall Street Journal.

The Roman Catholic Diocese of Helena said Friday it plans to file for Chapter 11 bankruptcy protection in an effort to resolve more than 350 sexual abuse claims, DBR reports via The Wall Street Journal.

Detroit, the biggest U.S. municipality in bankruptcy, challenged the legality of a series of financial transactions behind $1.44 billion in pension bonds and asked a judge to let it stop making the payments, Bloomberg reports.

Detroit has paid out nearly $42 million in restructuring-related adviser fees so far in the Chapter 9 case, according to a tally provided to The Am Law Daily on Thursday by Detroit emergency manager Kevyn Orr’s office.

Participants in a 401(k) plan sponsored by Penn Specialty Chemicals finally got access to their money after it had been trapped since the company filed for bankruptcy in December 2008, The New York Times reports.

A group of investors, betting the long-shuttered Eastern Air Lines’ logo and other trademarks will jumpstart a new airline of the same name, this week filed applications with the U.S. Department of Transportation, hoping to get off the ground in about a year, Reuters reports.