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EMPG in €476m lifeline

Education Media & Publishing Group (EMPG), the group led by Irish businessman Barry O'Callaghan, confirmed that it reached a "historic" restructuring, which includes a $650m (€476m) cash injection.

The move will see 60pc of the group's $6bn-plus (€4.4bn) debt converted into equity. Its annual interest bill of $450m (€330m) will be reduced by more than 75pc.

Mr O'Callaghan said that it would place Houghton Mifflin Harcourt on the "strongest financial footing in the company's history". The deal will be settled by March 9.