Houghton Mifflin To Slash $3B Debt In Prepack Ch. 11

Law360, New York (May 11, 2012, 1:33 PM EDT) -- Beleaguered textbook giant Houghton Mifflin Harcourt Publishing Co. said Friday it had reached a deal with most of its creditors to slash $3.1 billion in debt, part of an effort to reorganize through an upcoming prepackaged Chapter 11 bankruptcy filing.

The Boston-based publisher said more than 70 percent of its senior secured lenders and bondholders had agreed to the terms of a restructuring plan that would convert the company’s long-term debt to equity. The move should help Houghton Mifflin cut its annual cash interest costs by...
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