Haights Cross reaches agreement on debt restructuring
Haights Cross Communications Inc., a White Plains-based library and educational publisher, said that it has reached agreement with major lenders on a restructuting of the company’s debt and credit agreement that should improve its financial outlook.
The company added that the restructuring is not expected to lead to changes in its Triumph Learning and Recorded Books businesses.
“We will continue to acquire rights and publish new products, market and sell all our products to all customer segments, and plan to continue to pay our vendors, licensors and employees on a timely basis,” Chief Executive Officer Paul J. Crecca said in a written statement. “Once the restructuring of the Haights Cross debt is complete, the enterprise will be significantly deleveraged, a very positive outcome for our businesses.”