In an internal memo, the Education Media & Publishing Group–the conglomerate parent of Houghton Mifflin Harcourt Publishing–signaled that they have nearly completed a restructuring of the company’s debt.
Daily Finance has the scoop, reprinting a memo from CEO Barry O’Callaghan. The corporate leader hailed the restructuring as “terrific news for our Company.” The conglomerate also refinanced in August 2009.
Here’s more from the article: “it looks as if the restructuring plan, which would inject $650 million of fresh capital and wipe out at least $475 million in the stakes of existing private-equity holders, will be completed on or around March 9…As part of its new business plan, HMH also announced the creation of a $100 million innovation fund for future-thinking projects.”