We are advising an ad hoc group of creditors in connection with the restructuring

Davis Polk is advising an ad hoc group of creditors in connection with the chapter 11 restructuring of Anthology Inc.

On September 29, 2025, Anthology Inc. and certain of its subsidiaries and affiliates (collectively, “Anthology”) filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the Southern District of Texas. Shortly before the filing, the ad hoc group, which holds approximately 87% and 68%, respectively, of Anthology’s prepetition superpriority first-out term loans and second-out term loans, executed a restructuring support agreement with Anthology. The restructuring support agreement provides for the sale process supported by two stalking horse bids for Anthology’s Enterprise Operations, Lifecycle Engagement and Student Success business segments; reorganization of Anthology’s remaining Teaching & Learning business, with new money preferred equity financing to be backstopped by members of the ad hoc group; and fully backstopped debtor-in-possession (DIP) financing.

The DIP financing, which was approved on an interim basis at Anthology’s “first day” hearing on September 30, 2025, and closed shortly thereafter, includes $50 million of new money loans as well as a $50 million roll-up of prepetition superpriority first-out loans.

Anthology is a leading provider of education technology, serving academic institutions, businesses and governments in more than eighty countries. Through a complete suite of innovative software as a service products– including products related to admissions and enrollment management, student success and retention, institutional learning and effectiveness, alumni and advancement, and enterprise applications and infrastructure –Anthology provides its customers with comprehensive and connected education software solutions. Anthology is headquartered in Boca Raton, Florida, and currently employs approximately 1,550 people in the United States in support of its worldwide operations.

The Davis Polk restructuring team includes partners Damian S. Schaible and David Schiff, counsel Joshua Y. Sturm and associates Amber Leary, Mathew Bruno Masaro, Jacob Goldberger and Eva (Luying) Wang. The restructuring finance team includes partner Christian Fischer, counsel Timothy H. Oyen and associates Carly (Yoona) Cha and Benjamin J. Carlin. The corporate team includes partner Michael Senders and counsel Jacob S. Kleinman. Counsel Tracy L. Matlock is providing tax advice. Partners Nathaniel L. Asker and associate Ilana M. Rice are providing antitrust advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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