AMERICAS DISTRESS DAILY: Anthology Paves Way for Chapter 11

Anthology Inc. is laying the groundwork for a potential Chapter 11 bankruptcy that would see some secured lenders take control of the troubled education-software provider, according to people familiar with the situation.

• The restructuring plan calls for an ad hoc group of lenders — led by Nexus Capital Management — to swap their debt for equity in a reorganized company.
• The Los Angeles-based private equity firm has been accumulating Anthology debt in recent months and has emerged as one of its largest lenders.

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