The educational publishing company Houghton Mifflin Harcourt filed for bankruptcy protection last week in order to eliminate its $3.1 billion debt. The publisher’s financial woes began in 2006 and 2007 when Education Media and Publishing Group borrowed heavily to acquire the company.
So far more 70 percent of its creditors have approved of the proposed restructuring plan, which would convert its debt to equity. The Boston-based company and its employees will continue to work as usual since it has $135 million to maintain operations.
According to Houghton Mifflin Harcourt’s president and CEO, the bankruptcy process is expected to be completed by the end of June.
If you are considering filing for bankruptcy and are interested in learning how an attorney can help you, contact bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC today at (239) 237-0675.