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Houghton Mifflin Harcourt Files for Bankruptcy

Houghton Mifflin Harcourt has officially filed a major restructuring plan to redistribute the company’s $3.1 billion in debt, entering what they called “a prompt, court-supervised, chapter 11 process.”

The company predicts they will emerge from the restructuring by the end of June. They had revealed the pre-packaged bankruptcy plan earlier this month.

Here’s more from the publisher: “Houghton Mifflin Harcourt will maintain normal day-to-day business operations throughout the restructuring process, and we expect no disruptions to our relationships with our customers, agents, authors, employees, business partners and suppliers. Our customers will continue to receive the high quality content they have come to expect from us, and service without interruption. Additionally, our plan provides for our suppliers and vendors to be paid in full during and after this process and for our employees to continue receiving their usual pay and benefits.”

Bloomberg had more about the company’s situation: “Moody’s Investors Service in May cut Houghton’s corporate credit grade to Ca, the second-lowest rating and reserved for borrowers that ‘offer very poor financial security.’ In March, Moody’s said the company’s capital structure was ‘unsustainable without a significant rebound in earnings.’”

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