Markets News in Brief

‘Big Three’ Publisher Signals Restructuring

By Jason Tomassini — May 22, 2012 1 min read
  • Save to favorites
  • Print

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.

Related Tags:

A version of this article appeared in the May 23, 2012 edition of Education Week as ‘Big Three’ Publisher Signals Restructuring


Reading & Literacy Webinar A Roadmap to Multisensory Early Literacy Instruction: Accelerate Growth for All Students 
How can you develop key literacy skills with a diverse range of learners? Explore best practices and tips to meet the needs of all students. 
This content is provided by our sponsor. It is not written by and does not necessarily reflect the views of Education Week's editorial staff.
College & Workforce Readiness Webinar
Supporting 21st Century Skills with a Whole-Child Focus
What skills do students need to succeed in the 21st century? Explore the latest strategies to best prepare students for college, career, and life.
Content provided by Panorama Education
School & District Management K-12 Essentials Forum What Will It Take for Schools to Get Better?
Find out what educators and leaders can do to incite lasting and productive change that will make a difference in the lives of students.

EdWeek Top School Jobs

Teacher Jobs
Search over ten thousand teaching jobs nationwide — elementary, middle, high school and more.
View Jobs
Principal Jobs
Find hundreds of jobs for principals, assistant principals, and other school leadership roles.
View Jobs
Administrator Jobs
Over a thousand district-level jobs: superintendents, directors, more.
View Jobs
Support Staff Jobs
Search thousands of jobs, from paraprofessionals to counselors and more.
View Jobs

Read Next

Markets New Magazine Seeks to Bring 'Civil Discourse' to Education Debate
Headed up by former Los Angeles superintendent John E. Deasy, The Line will feature a variety of viewpoints on major K-12 issues.
4 min read
The Line magazine, whose debut print issue is seen above, will present an array of viewpoints on pressing K-12 issues.
The Line magazine, whose debut print issue is seen above, will present an array of viewpoints on pressing K-12 issues.
Markets News in Brief Publishers Get Poor Marks on Common-Core Math Texts
The curriculum-review website has released its first round of results for high school math textbooks, and three of the major publishers performed poorly.
1 min read
Markets McGraw-Hill Education Pulls Textbook Amid Criticism Over Middle East Map
A series of maps in a comparative politics textbook purporting to show Palestinian loss of land enraged pro-Israel groups.
Leo Doran
4 min read
Markets News in Brief Amazon to Launch Website For Open Resources
Amazon Education is working on a new platform that will allow schools to upload, manage, share, and discover open education resources from a home page that in some ways resembles the one shoppers are accustomed to accessing on the massive online retailer's website.
1 min read