"Houghton Mifflin Harcourt, the educational and trade publisher in Boston, has agreed with most of its creditors to eliminate $3.1 billion of debt and enter a prearranged Chapter 11 bankruptcy process, the company said on Friday.

The publisher has struggled financially for years, laden with debt that was taken on when Education Media and Publishing Group, an Irish private-equity concern, borrowed heavily to finance the acquisitions of Houghton Mifflin in 2006 and Harcourt in 2007.

The company’s trade division has published authors like Jonathan Safran Foer, Philip Roth and J.R.R. Tolkien."

http://mediadecoder.blogs.nytimes.com ... nters-bankruptcy-process/