At a hearing Thursday morning in federal bankruptcy court Judge Robert Gerber approved Houghton Mifflin Harcourt’s restructuring plan to exit the pre-packaged Chapter 11 bankruptcy filed on May 21, Dow Jones reports. The plan will wipe out more than $3 billion in remaining debt left over from Riverdeep’s heavily leveraged merger of Houghton Mifflin and Harcourt, allow Citibank’s $500 million loan to serve as the company’s exit financing, and leave HMH with approximately $110 million in net debt and about $150 million of cash on hand. HMH expects to pay down its loan debt by 2017. While almost all objections […]