Houghton Mifflin files Chapter 11 bankruptcy
(Reuters) ? Houghton Mifflin Harcourt Publishers Inc filed for bankruptcy protection on Monday after the textbook publisher reached agreement with a majority of its creditors to cut about $3.1 billion of debt. The Boston-based company and two dozen affiliates filed for Chapter 11 protection in U.S. bankruptcy court in Manhattan. It said it had more than $1 billion in both assets and liabilities. Houghton Mifflin has struggled as state and local governments cut spending, reducing demand for textbooks for students from kindergarten to 12th grade, Moody?s Investors Service has said. ?
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