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May 21 2012
In an official statement earlier today, Houghton Mifflin Harcourt announced that it had "filed a 'pre-packaged' comprehensive financial restructuring plan that will strengthen the Company financially so we can continue to invest in our business and ensure we are well positioned for the future. This plan, which is supported by the vast majority of our key financial stakeholders, will eliminate $3.1 billion of debt through a debt to equity transaction, and reduce our annual cash interest costs."
It is among the commonplaces of education that we often first cut off the living root and then try to replace its ...
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