'Curious George' publisher Houghton Mifflin files for bankruptcy

[ellisonz]

Source: LA Times

By Tiffany Hsu
May 21, 2012, 8:49 a.m.

Publisher Houghton Mifflin Harcourt filed for Chapter 11 bankruptcy protection Monday but expects to emerge from restructuring by the end of June.

The Boston company said in a statement that it expects to eliminate $3.1 billion of debt through a debt-to-equity transaction that is backed by the “vast majority of key financial stakeholders.”

The filing, made in a New York bankruptcy court and expected for weeks, will not affect Houghton Mifflin’s daily operations nor its employees' pay and benefits, the company said.

The publisher is seeking “greater financial flexibility to pursue growth opportunities” – such as expanding its digital platform. It said it anticipates “no disruptions to our relationships with our customers, agents, authors, employees, business partners and suppliers.”

Read more: http://www.latimes.com/business/money/la-fi-mo-houghton-mifflin-20120521,0,3222862.story

[yellowcanine]

1. Curious title for story. Houghton Mifflin is a major publisher of textbooks.

Curious George, who appeared in 1941, would seem to me to be a fairly minor part of the modern Houghton Mifflin publishing empire.

[raccoon]

2. Great post. What dingbat wrote the headline, I wonder? what passes for journalism these days. nt

[Beowulf]

4. I think it's a fair headline

about 12 years ago Houghton Mifflin was purchased by Vivendi Universal for the express purpose of using H-M characters in film, TV, toys, etc. Curious George was cited explicitly as a prime reason for Vivendi's interest in the company. A few years later Vivendi sold the company to an investment bank with deep ties to the BFEE, this time for H-M's reading program that could be tied to No Child Left Behind. H-M has a long history of excellence in children's book publishing and it's been sad to watch this once great publisher be so abused by corporate interests.

[cyberswede]

3. I thought the same thing! nt

[proud2BlibKansan]

7. +1

[IamK]

5. rumor is the man in the yellow hat got a golden parachute.... n/t

[Robb]

6. Typical.

The guy who leaves a monkey alone in an ice cream shop gets ZERO accountability.

[Stargleamer]

8. How about the publisher of Rachel Carson's Silent Spring instead? n/t

[GreatInDayton]

9. Poignant...

...but, alas, no merch potential.