Houghton Mifflin Harcourt Completes Financial Restructuring and Emerges From Chapter 11

With strong balance sheet and investment capital, company is well-positioned for market leadership and future growth

BOSTON--(BUSINESS WIRE)--Global education leader Houghton Mifflin Harcourt (HMH) today announced that it has completed its financial restructuring and emerged from its chapter 11 reorganization, 32 days after its initial “pre‐packaged” filing on May 21, 2012.

“We have achieved our financial restructuring objectives and moved through this process quickly and successfully. Now we have emerged with significantly less debt, a much improved balance sheet and capital structure and the financial strength to invest in new products and innovative digital education solutions to grow our business for the benefit of our customers. Our emergence reflects the dedication of our team and the strong support of our investors and lenders to position HMH for long-term success,” said Linda K. Zecher, President and Chief Executive Officer of HMH.

Zecher added, “We take seriously our role as a global education leader and with our new financial flexibility and a strong leadership team in place, we are well-positioned to accelerate our growth initiatives and continue combining the best media and technology with HMH’s publishing heritage to encourage passionate, curious learners around the world.”

HMH emerged from chapter 11 after meeting all closing conditions to the Company’s Plan of Reorganization, which was confirmed by the U.S. Bankruptcy Court for the Southern District of New York, on June 22, 2012.

About Houghton Mifflin Harcourt

Houghton Mifflin Harcourt is a global learning company with the mission of changing lives by fostering passionate, curious learners. Among the world’s largest providers of pre-K–12 education solutions and one of its longest-established publishing houses, HMH combines cutting-edge research, editorial excellence and technological innovation to improve teaching and learning environments and solve complex literacy and education challenges. HMH’s interactive, results-driven education solutions are utilized by 60 million students in 120 countries, and its renowned and awarded novels, non-fiction, children's books and reference works are enjoyed by readers throughout the world. For more information, visit hmhco.com.