The large publishing firm Houghton Mifflin Harcourt has decided to file for Chapter 11 bankruptcy. The paperwork was turned in on Monday at a New York bankruptcy court.
The company’s debts were recorded at $3.1 billion, and it also listed numerous creditors in its filing. The restructuring process will involve creditors giving up their debt holdings for an equity stake in the company.
Houghton Mifflin Harcourt is based out of Boston, Massachusetts. There are approximately 600 employees in the company that work out of two locations in Massachusetts, Boston and Wilmington. No jobs are expected to be compromised in the restructuring of the company.
Filing for bankruptcy can be a long process, and bankruptcy mistakes are often made. If you have questions regarding filing, please contact the bankruptcy lawyers of Greenway Bankruptcy Law, LLC, by calling (205) 324-4000 today.