Houghton Mifflin Harcourt announced that they are on the verge of filing for an initial public offering for shares in their company. Houghton Mifflin said that the offering will come out later part of the year. The textbook publisher hired Goldman Sachs, Morgan Stanley, Citigroup Inc, Wells Fargo & Co and Credit Suisse to run the IPO. The public offering is tagged to raise an estimated US$250 million.
Last year, Houghton Mifflin Harcourt emerged from bankruptcy from the burden of an estimated US$3 billion in debt. The Boston based company hired Blackstone Group and law firm Paul, Weiss, Rifkind, and Wharton & Garrison to help the company to restructure the company's outstanding debts. The company was able to emerge from bankruptcy by giving its bondholders and lenders 100% equity in the company. Marc Lasry's Avenue Capital Group, Apollo Management Holdings LP and Paulson & Co were part of the group of creditors that negotiated the reorganization of Houghton Mifflin Harcourt
Houghton Mifflin Harcourt is the publisher for the J.R.R. Tolkien's "Lord of the Rings" book series and "Curious George." Aside from its education arm, they also publish games for example "Where in the World is Carmen Sandiego?"
Join the Conversation