Houghton Mifflin Harcourt Files for Bankruptcy – Publisher’s Weekly
Houghton Mifflin Harcourt officially filed for pre-packaged bankruptcy Monday morning, citing debts and liabilities of over $1 billion. The filing is part of a restructuring of its finances that will cut its debt by $3.1 billion largely by having its lenders exchange debt for equity.
This is big news. Heavy. Loaded. Shocking.
The package plan allows for smooth transitions and continues the current relationships with authors, agents, employees and customers.