Case filing & court posture: Anthology Inc., a global education technology provider, filed chapter 11 on September 29, 2025 in the Southern District of Texas (Case No. 25-90498). Dkt. 1 Judge Alfredo R. Perez presides. The Debtors' first day declaration outlined revenue declines from ~$550 million annually and EBITDA collapse driven by post-merger integration challenges and market competition. Dkt. 23
Liquidity & financing path: The Debtors secured a $100 million DIP facility ($50 million new money + $50 million roll-up) supported by an RSA with the Ad Hoc Group of Lenders and Veritas Capital. Dkt. 20 The interim DIP order was entered September 30, 2025 Dkt. 95, with the final DIP order approved November 12, 2025. Dkt. 286
Restructuring outcome: The Debtors executed a dual-track restructuring with two 363 sales: Enterprise Operations to Ellucian Dkt. 474 and Lifecycle Engagement/Student Success assets to Encoura , both approved November 21, 2025. The bidding procedures order was entered November 12, 2025. The retained Teaching & Learning segment (Blackboard Learn) emerges via plan reorganization with superpriority first-out lenders receiving 99% of new equity.
Plan confirmation: The Second Amended Chapter 11 Plan Dkt. 753 was confirmed on January 23, 2026. Dkt. 774 The plan provides for $72.7 million in new equity investment and preserves approximately $864 million in tax attributes for the reorganized debtor.
Current status: The case remains active as the Debtors work toward plan effectiveness and emergence. Post-confirmation activities include finalizing plan supplements and addressing remaining claims objections.