Houghton Mifflin Wins Access To $400M Loan

Law360, New York (May 22, 2012, 2:10 PM EDT) -- A New York bankruptcy judge on Tuesday granted Houghton Mifflin Harcourt Publishing Co. access to a $400 million debtor-in-possession loan to carry the publisher through what it says should be a month in bankruptcy.

U.S. Bankruptcy Judge Robert E. Gerber granted interim approval to Houghton Mifflin's request for access to $400 million of a $500 million DIP facility during the first-day hearing in the company's bankruptcy. The Boston-based publisher and 23 affiliates filed for Chapter 11 protection with a prepackaged plan Monday in a move designed...
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