Houghton Mifflin Files For Bankruptcy
Posted at 6:37PM Monday 21 May 2012
Publisher Houghton Mifflin Harcourt filed for Chapter 11 bankruptcy protection Monday but expects to emerge from restructuring by the end of June.
The Boston company said in a statement that it expects to eliminate $3.1 billion of debt through a debt-to-equity transaction that is backed by the "vast majority of key financial stakeholders."
The filing, made in a New York bankruptcy court and expected for weeks, will not affect Houghton Mifflin's daily operations nor its employees' pay and benefits, the company said.
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