Economy
In reply to the discussion: STOCK MARKET WATCH -- Tuesday, 22 May 2012 [View all]Tansy_Gold
(17,855 posts)Yes, the venerable textbook publisher. . . . .
http://www.publishersweekly.com/pw/by-topic/industry-news/financial-reporting/article/52040-houghton-mifflin-files-for-bankruptcy.html
Houghton Mifflin Harcourt officially filed for pre-packaged bankruptcy Monday morning, citing debts and liabilities of over $1 billion. The filing is part of a restructuring of its finances that will cut its debt by $3.1 billion largely by having its lenders exchange debt for equity.
The comments are especially interesting. I personally have long thought that the traditional print publishers were nothing but dinosaurs, but having had a conversation a couple of days ago with a friend who is on the local school board, I learned more about the ossification of an industry that should have been at the forefront of technological change and innovation.
As a side note, friends visiting AZ from the Netherlands were highly amused at how slow our "high speed" internet connections are.