The textbook publisher, Houghton Mifflin Harcourt Publishers Inc., has now filed for Chapter 11 bankruptcy protection.
According to officials, the bankruptcy plan was agreed upon in order to settle nearly $3.1 million in debt that the publisher is currently facing. Creditors and shareholders agreed on the bankruptcy plan when it was made before the filing took place.
The company has been struggling with debt for quite some time and are hoping to reorganize in this bankruptcy plan. The privately-owned company purchased Harcourt Education in 2007 for $4 million.