John Paulson Helps With Restructuring of Houghton Mifflin Harcourt

Last month DailyFinance asked if hedge-fund manager John Paulson (pictured) could save the troubled publisher Houghton Mifflin Harcourt from the billions of dollars of debt acrrued by its parent company, Education Media and Publishing Group. Now it looks as if the restructuring plan, which would inject $650 million of fresh capital and wipe out at least $475 million in the stakes of existing private-equity holders, will be completed on or around March 9.