HMH Downgraded Again With Another Restructuring "Likely"

by on March 20, 2012 in Finance

With declining textbooks revenues, Houghton Mifflin Harcourt's $3.1 billion in debt was downgraded last week to a lowly Caa 3 rating by Moody's, which said the publisher's finances are "unsustainable without a significant rebound in earnings" and judged "a debt restructuring in the near term is increasingly likely." The ratings service…

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