Global education provider Houghton Mifflin Harcourt (HMH) announced that it has completed its financial restructuring and emerged from its Chapter 11 reorganization, 32 days after its initial pre-packaged filing on May 21, 2012.

According to a related Dow Jones Newswires article, the company eliminated $3 billion in debt in its restructuring. The company’s $500 million DIP loan provided by Citibank will now become exit financing.

“We have achieved our financial restructuring objectives and moved through this process quickly and successfully. Now we have emerged with significantly less debt, a much improved balance sheet and capital structure and the financial strength to invest in new products and innovative digital education solutions to grow our business for the benefit of our customers. Our emergence reflects the dedication of our team and the strong support of our investors and lenders to position HMH for long-term success,” said Linda K. Zecher, president and chief executive officer of HMH.

Zecher added, “We take seriously our role as a global education leader and with our new financial flexibility and a strong leadership team in place, we are well-positioned to accelerate our growth initiatives and continue combining the best media and technology with HMH’s publishing heritage to encourage passionate, curious learners around the world.”

HMH emerged from chapter 11 after meeting all closing conditions to the Company’s Plan of Reorganization, which was confirmed by the U.S. Bankruptcy Court for the Southern District of New York, on June 22, 2012.

Houghton Mifflin Harcourt is a global learning company that provides pre-K through 12 education solutions.

Previously on abfjournal.com:

Fitch: Houghton Mifflin’s Bank Facility Would Be Rated BB+/RR1, Wednesday, May 30, 2012

Houghton Mifflin Wins Conditional Court Approval of Loan, Thursday, May 24, 2012