Houghton Mifflin Harcourt’s parent company has executed their financial restructuring pretty much exactly as described last month. With their $800 million annual debt service reduced to more like $250 million a year, the company should now be able to operate more or less normally. About $7 billion in debt has been converted into a mere $3 billion of debt, with the senior secured lenders–led by John Paulson’s hedge fund, which bought that debt on the cheap to take control of the company–holding most of the equity for now, until he’s ready to sell it again. Earlier investors, including financial whiz […]