Aircraft engine failure both engines out?

I know this seems like a little bit of an awkward question. Let's say your flying 30,000 to 35,000 ft cruising altitude to sometimes 40,000 if the pilot hits turbulence. Can the pilot keep the aircraft in the air and use the aircraft as a glider or is the aircraft and everyone on bored screwed. If so what is the procedure in case both of the engines fail.