Can John Paulson Save Houghton Mifflin Harcourt from Doom?

Ever since 2006, when Barry O'Callaghan merged Houghton Mifflin with Harcourt, HMH has been nothing but a river of deep, mounting debt for the Irish education-publishing magnate and HMH's parent company, Education Media & Publishing Group. Even two debt restructurings as recently as August left the company holding more than $6 billion in debt, and in danger of defaulting on a slew of creditors -- some with plenty of troubles of their own. But O'Callaghan might have a savior in hedge-fund manager John Paulson (pictured).