Veritas-Backed Anthology Mulls Lender Takeover in Bankruptcy

(Bloomberg) -- 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, said the people, who asked not to be identified discussing a private matter. The Los Angeles-based private equity firm has been accumulating Anthology debt in recent months and has emerged as one of its largest lenders, said some of the people. 

A key component of the workout plan revolves around Anthology divesting some assets, the people said. Discussions are ongoing and the plans may change, they said.

The company is also in talks to receive a bankruptcy loan to help finance its operations during a Chapter 11 process, the people said.  

“Anthology has made great progress over the past two years in improving our business and product capabilities and competitiveness,” a representative for the company said in an emailed statement, adding that “any path forward will enable us to continue providing highly innovative solutions to our customers.” 

For months now, the Veritas Capital-backed company has considered selling itself as it looked to cut a deal with lenders to address its more-than $1 billion of debt, Bloomberg previously reported. 

Representatives for Anthology’s adviser PJT Partners Inc. and with Nexus declined to comment. Messages left with Veritas were not returned.

Moody’s Ratings cut Anthology to Ca from Caa3 in April, citing its decline in new bookings and higher-than-expected customer attrition. The company has cut costs to offset the pressure, the credit grader said. The company combined with Blackboard Inc. in 2021. 

Anthology provides schools with learning management and student information management software.

(Updates with additional details on company’s plans to receive financing in fourth paragraph)

More stories like this are available on bloomberg.com

©2025 Bloomberg L.P.