Houghton Mifflin Harcourt officially filed for bankruptcy this morning, according to Publishers Weekly. The book publisher, which has been struggling for years, reached a deal in U.S. Bankruptcy Court to eliminate a reported $3.1 billion of debt as part of a major financial restructuring.
A release issued by HMH today states, “Houghton Mifflin Harcourt will maintain normal day-to-day business operations throughout the restructuring process, and we expect no disruptions to our relationships with our customers, agents, authors, employees, business partners, and suppliers. … We seek to complete this financial restructuring quickly, likely by the end of June 2012.”
In addition to textbooks, Houghton Mifflin publishes classic novels by Mark Twain and J. R. R. Tolkien and smart contemporary titles by Jonathan Safran Foer, Alison Bechdel, Buzz Bissinger, and Jonah Lerner. They also publish the Best American series and the Curious George books.