BloombergBusinessWeek reports that Houghton Mifflin Harcourt Publishing Co., the publisher of authors from Mark Twain to J.R.R. Tolkien, sought bankruptcy protection to eliminate more than $3 billion in debt.
“The global financial crisis over the past several years has negatively affected” Houghton Mifflin’s financial performance, in a business that “depends largely on state and local funding” for the schoolbook market, said William Bayers, company general counsel, in court papers.
He cited “recession-driven decreases” and “purchase deferrals” by the states and a “lack of anticipated federal stimulus support” for “substantial revenue decline.”
You can read the full article here: Houghton Mifflin Harcourt
- Limbus, Inc. Limited Edition Available For Preorder - February 14, 2013
- HWA 2012 Specialty Press Award Goes to Centipede Press - February 14, 2013
- Deeply Odd (Odd Thomas) - February 14, 2013
- The Vampires of Bloody Island - February 14, 2013
- Deep Cuts Anthology Honors Women In Horror - February 13, 2013
- The Demonologist: A Novel - February 13, 2013
- Dark Regions Press New Sponsor For Bram Stoker Awards® Weekend 2013 - February 13, 2013
- Chasm - February 13, 2013
- The Mad Scientist’s Guide to World Domination - February 13, 2013
- Ghostman - February 12, 2013