Textbook publisher Houghton Mifflin files Chapter 11 bankruptcy

BOSTON, Mon May 21, 2012 – Houghton Mifflin Harcourt Publishers Inc. filed for bankruptcy protection on Monday, after the publisher of textbooks reached an agreement with a majority of its creditors to cut about $3.1 billion of debt.

The company filed for Chapter 11 protection from creditors with the U.S. bankruptcy court in Manhattan. It said it had more than $1 billion of both assets and liabilities.