spot_img

Publisher Houghton Mifflin Harcourt Recovering

Just over a month ago, Reader’s Entertainment reported that Houghton Mifflin Harcourt had filed for bankruptcy. The company implemented a restructuring plan, and a “court-supervised, chapter 11 process”, and as of this week, they have “emerged” from the brink of bankruptcy.

A statement from Linda Zecher, CEO explains how the publisher recovered: “We have achieved our financial restructuring objectives and moved through this process quickly and successfully. Now we have emerged with significantly less debt, a much improved balance sheet and capital structure and the financial strength to invest in new products and innovative digital education solutions to grow our business for the benefit of our customers.  Our emergence reflects the dedication of our team and the strong support of our investors and lenders to position HMH for long-term success.”

More from the company’s press release: “On June 22, 2012, Houghton Mifflin Harcourt (HMH) completed its financial restructuring and emerged from its chapter 11 reorganization, 32 days after its “pre-packaged” filing on May 21, 2012. 

Under the plan, which received the overwhelming support of our key financial stakeholders, HMH has eliminated $3.1 billion of debt through a debt to equity transaction and enhanced its overall financial position. With a more appropriate capital structure to support our strategic plan and business objectives, Houghton Mifflin Harcourt has greater financial flexibility to invest in its business and pursue growth opportunities in digital, consumer and international markets. 

Houghton Mifflin Harcourt operated normally throughout the restructuring process, continuing to provide high quality content and services to its customers and maintaining its relationships with agents, authors, employees, business partners and suppliers. 

We would like to thank all of our customers, vendors, partners and employees for their unwavering support during this process.”

The publisher is best known as an education, trade and reference imprint, but is also home to well know favorites, like Curious George.

 

 

Similar Articles

Comments

FOLLOW US

2,023FansLike
3,076FollowersFollow
10,800SubscribersSubscribe

Recent Book Trailers

Instagram

Advertismentspot_img

Don't Miss

UNCOVER THE DARK MYSTERIES OF THE PAST IN “PAST TENSE”

0
There is no time you can hide Dark Horse Books proudly teams up with writer Jason McNamara (The Rattler) to bring you the neo-noir thriller, Past...

SCHOLASTIC KIDS PRESS PROGRAM ANNOUNCES 2022-23 KID REPORTERS

0
As kids continue to navigate and make sense of complex global events as well as the goings-on in their community, staying informed and understanding...

GUEST POST: The Magic of Change: How Refreshing Your Home Can Alter Your...

0
Before I wrote In the Spirit of Home, I never really looked at home design as a form of magic. Pillows are pillows, right? And...

BEHIND THE WORDS With Author Carol Dines

0
Welcome, Carol, we’re excited to have you on Reader’s Entertainment. First, tell our readers a bit about yourself. I was raised in Rochester, Minnesota, but...

Warm Up With These Drink Pairings While You Read

0
We all know reading with a favorite snack handy is nothing short of the best but have you paired your next read with a...

FICTIONALLY FACTUAL: Deepening the Characters through Research By Carol Dines

0
One of the joys of writing is to deepen and expand my characters and plot through research. I consider research part of the writing...

PODCAST::: Engineering to Romance Writing w/Melissa McClone

0
Engineering to Romance Writing With Melissa McClone LISTEN HERE! USA TODAY bestselling, award winning author Melissa McClone writes heartwarming women’s fiction and sweet contemporary romance novels...

Talking With Joanna Davidson Politano About Her Latest Release THE LOST MELODY

0
Welcome Joanna! Let's start with you telling readers a bit about THE LOST MELODY. The Lost Melody is about a concert pianist who sees the...

SNEAK PEEK & FIRST CHAPTER READ OF BEHIND HER LIVES BY BRIANA COLE

0
BEHIND HER LIVES BY BRIANA COLE (Pre-order now!) “That’s not my sister.” Overwhelmed by shock and relief, those are the only words Deven can muster when she...

Libraries Receiving Bomb Threats

0
Over the last few weeks, libraries all over the U.S. have been threatened with bombings.These have occurred in  Nashville, Fort Worth, Denver, Salt Lake...