The "pre-packaged" bankruptcy would give control of Houghton Mifflin to its lenders.
It comes as cash-strapped state and local governments defer or cancel education-related purchases, reducing demand for textbooks for students from kindergarten to 12th grade.
Traditional book publishers also face pressure from the online availability of published material, including e-books.
“So you think that money is the root of all evil?” said Francisco d’Anconia. “Have you ever asked what is the root of money? Money is a tool of exchange, which can’t exist unless there are goods produced and men able to produce them.” … “Money is not the tool of the moochers, who claim your product by tears, or of the looters, who take it from you by force. Money is made possible only by the men who produce. Is this what you consider evil?” - Atlas Shrugged
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