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Houghton Mifflin Plans $3.1 Billion Debt Reduction, FT Reports

Houghton Mifflin Harcourt Publishing Co. plans to eliminate $3.1 billion of debt in its second restructuring in a little more than two years, the Financial Times reported, without saying where it got the information.

The Boston-based educational publishing and services company’s Chapter 11 bankruptcy will convert debt held by groups including Paulson & Co. Inc., the hedge fund run by John Paulson, into 100 percent of the group’s equity, the newspaper said.