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A University of Toronto student holds her textbooks at the corner of St. George Street and Harbord Street in Toronto on Wednesday, February 15, 2012.
A University of Toronto student holds her textbooks at the corner of St. George Street and Harbord Street in Toronto on Wednesday, February 15, 2012.
(Matthew Sherwood For The Globe and Mail)

From mega deal to mega debt: Cengage files for bankruptcy protection

A golden pre-recession deal for an education company has turned into a tough lesson in the dangers of debt.

Almost six years after private equity groups Omers Capital Partners and Apax Partners completed the $7.75-billion (U.S.) purchase of textbook and educational software business Thomson Learning, the company has filed for bankruptcy protection in New York.