Houghton Mifflin Harcourt Officially Files Chapter 11 Bankruptcy

Houghton Mifflin Harcourt Publishers Inc filed for Chapter 11 bankruptcy protection on Monday after the struggling textbook publisher agreed with its creditors to eliminate about $3.1 billion of debt. On May 11, Houghton Mifflin announced plans for a “pre-packaged” bankruptcy after reaching terms on a restructuring with more than 70 percent of its senior lenders. It said it expected to be able to emerge from Chapter 11 by June 30.

The company has said it has lined up $500 million in financing from Citigroup…In its bankruptcy petition, Houghton Mifflin said it had more than $1 billion of both assets and liabilities.