Houghton Mifflin's Prepack Ch. 11 Plan Gets Green Light

Law360, New York (June 21, 2012, 11:18 PM EDT) -- A New York bankruptcy judge on Thursday granted approval to Houghton Mifflin Harcourt Publishing Co.'s prepackaged Chapter 11 plan, which includes the conversion of the textbook seller's senior secured debt to common equity and a $3.1 billion cut in debt.

U.S. Bankruptcy Judge Robert E. Gerber confirmed the plan after the debtor, which filed for bankruptcy protection May 21, announced that it had resolved five objections, including addressing an objection by U.S. Trustee Tracy Hope Davis.

“With the debtors having made the revisions in the plan...
To view the full article, register now.