Core Viewpoint - Anthology Inc. is preparing for a potential Chapter 11 bankruptcy, which may result in secured lenders, led by Nexus Capital Management, taking control of the company [1][2]. Group 1: Restructuring Plans - The restructuring plan involves an ad hoc group of lenders, primarily Nexus Capital Management, exchanging their debt for equity in a reorganized Anthology [2]. - A significant aspect of the restructuring includes the divestment of certain assets by Anthology, with ongoing discussions that may lead to changes in the plans [3]. Group 2: Financial Situation - Anthology is in discussions to secure a bankruptcy loan to support its operations during the Chapter 11 process [3]. - The company is facing over $1 billion in debt and has been exploring options to sell itself while negotiating with lenders [4]. Group 3: Company Performance and Ratings - Moody's Ratings downgraded Anthology from Caa3 to Ca in April, citing a decline in new bookings and increased customer attrition [5]. - The company has implemented cost-cutting measures to mitigate financial pressures and has previously merged with Blackboard Inc. in 2021 [5].