Filing Alert: Anthology Chapter 11
Anthology Files Chapter 11 in Southern District of Texas
Update (Sept. 30, 2025): A comprehensive case summary is now available for the Chapter 11 bankruptcy filing of Anthology.
Anthology Inc. and its debtor affiliates⁽¹⁾, a Boca Raton, FL-based provider of education technology software and services, filed for Chapter 11 protection on Sep. 29 in the U.S. Bankruptcy Court for the Southern District of Texas.
The prearranged filing aims to implement a dual-track restructuring through a Restructuring Support Agreement (RSA) with key stakeholders including an ad hoc group of lenders holding a majority of its 1L superpriority debt and its equity sponsor, Veritas Capital. The plan follows a five-month prepetition marketing process led by PJT that resulted in two stalking horse bids: one from Ellucian Company LLC for the Enterprise Operations segment, and another from Encoura, LLC for the Lifecycle Engagement and Student Success segments. The remaining Teaching & Learning business segment will be reorganized into a new go-forward enterprise with a debt-free balance sheet.
To fund the cases and sale process, the debtors have secured a $100 million superpriority priming DIP facility from members of the ad hoc group, comprising $50 million in new money and a $50 million roll-up of prepetition Tranche A loans.
The company reports $1 billion to $10 billion in both assets and liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 25-90498.
⁽¹⁾ For a complete list of debtor entities, see the Chapter 11 Debtors table.
Chapter 11 Debtors
Top Unsecured Claims
Key Parties
Local Bankruptcy and Conflict Matters Counsel:
- Charles A. Beckham, Jr.
Haynes & Boone, LLP
Email: charles.beckham@haynesboone.com
Bankruptcy Counsel:
- Kirkland & Ellis LLP
- Kirkland & Ellis International LLP
Investment Banker:
- PJT Partners LP
Financial Advisor / CRO:
- FTI Consulting, Inc. (Heath C. Gray)
Claims Agent:
Equity Security Holders:
- Campus Management Acquisition Corp. – 100% Equity Interest
Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.
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