Legal Information about Houghton Mifflin -
Wednesday, May 30, 2012
As many of you probably know, Houghton Mifflin filed for bankruptcy earlier this month. The filing was under Chapter 11 which means it was a voluntary bankruptcy. The main purpose was to restructure debts with it’s biggest creditors. These creditors have now agreed to a restructured package, and the hearing to confirm this will be in June. Assuming it is confirmed, HMH will then come out of bankruptcy. At this point, there does not appear to be anything which would impact payments and relationships with the creative community. HMH has stated it will continue to make payments to authors and illustrators as normal.
By Sara Rutenberg editor of "Legally Speaking" in the SCBWI Bulletin