Published Online: May 22, 2012
Published in Print: May 23, 2012, as 'Big Three' Publisher Signals Restructuring

News in Brief

'Big Three' Publisher Signals Restructuring

Article Tools
  • PrintPrinter-Friendly
  • EmailEmail Article
  • ReprintReprints
  • CommentsComments

Houghton Mifflin Harcourt, one of the "big three" of education publishers, announced last week that it would undergo financial restructuring to manage its sizable debt.

The company has made agreements with 70 percent of its lenders and bondholders to eliminate $3.1 billion in debt by turning it into equity, and to reorganize through a voluntary Chapter 11 bankruptcy process, according to a news release. The process will be complete by the end of June, the company said.

In an email to staff, Chief Executive Officer Linda Zecher stressed that there would be no layoffs or effect on payroll as a result of the reorganization. She said there will be no effect on customers or business partners.

This is the second restructuring the company has undergone since 2006, when Education Media & Publishing Group Ltd., in Dublin, (formerly Riverdeep PLC), bought Houghton Mifflin and joined it with Harcourt Education, which it later purchased from Reed Elsevier.

Vol. 31, Issue 32, Page 5

Related Stories
You must be logged in to leave a comment. Login | Register
Ground Rules for Posting
We encourage lively debate, but please be respectful of others. Profanity and personal attacks are prohibited. By commenting, you are agreeing to abide by our user agreement.
All comments are public.

Back to Top Back to Top

Most Popular Stories

Viewed

Emailed

Recommended

Commented