Houghton Mifflin Harcourt Emerges from Bankruptcy

By Jason Boog 

Thirty-two days after filing a pre-packaged bankruptcy to redistribute the company’s $3.1 billion in debt, Houghton Mifflin Harcourt has emerged from bankruptcy.

CEO Linda K. Zecher had this statement: “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.”

The official announcement was made last Friday, one day after the U.S. Bankruptcy Court for the Southern District of New York approved the publisher’s restructuring plan. The company filed the planned bankruptcy in May, predicting a “a prompt, court-supervised, chapter 11 process.”