Anthology, the ed-tech agency that owns Blackboard, has filed for Chapter 11 chapter safety because it grapples with greater than $1 billion in debt.
The corporate, which filed for Chapter 11 on Tuesday within the U.S. Chapter Court docket for the Southern District of Texas, listed belongings and liabilities of $1 billion to $10 billion every, in response to court docket paperwork.
Anthology — at present backed by Veritas Capital, which additionally owns HMH and Cambium Studying Group — will stay in operation via the chapter proceedings.
In an announcement, the corporate mentioned it plans to emerge from Chapter 11 reorganization within the subsequent three to 6 months as a debt-free, streamlined operation specializing in its core instructing and studying platform.
As a part of that, the corporate will unload three different components of its enterprise, and can obtain at the least $50 million in new money from buyers to strengthen its funds and put money into its schooling software program enterprise. Oaktree Capital Administration and Nexus Capital Administration are backing the deal, and can find yourself as the most important homeowners of the reorganized firm.
“With the robust help of our buyers, a recapitalized Educating & Studying platform is properly positioned to put money into new capabilities, drive better effectivity, and assist our clients keep targeted on what issues most: delivering distinctive outcomes for college students,” CEO Bruce Dahlgren mentioned in an announcement.
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The corporate mentioned it already has consumers lined up for the segments — its enterprise operations, lifecycle engagement, and scholar success companies — that it plans to promote. Anthology has reached a purchase order settlement with Encoura, an ed-tech firm specializing in scholar enrollment providers, for its lifecycle engagement and scholar success enterprise, and with Ellucian, a scholar info system utilized in increased schooling, for its enterprise operations.
Anthology mentioned it expects the deal to be accomplished by early 2026.
Anthology acquired Blackboard in September 2021.
One 12 months later, Anthology bought its major Ok-12 arm — known as Blackboard Ok-12 Neighborhood Engagement division — to Finalsite, a Connecticut-based firm that gives web site and communications providers for Ok-12 faculty districts. Finalsite can also be owned by Veritas Capital.
Blackboard’s Ok-12 Neighborhood Engagement division included its on-line group supervisor in addition to its communication-focused apps and providers for Ok-12 faculty districts.
