Harcourt Brace Said Seeking Suitor
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ORLANDO, Fla. — Harcourt Brace Jovanovich Inc., the publishing firm that put itself heavily into debt in 1987 to thwart a hostile takeover offer, has placed itself on the block, a published report said Wednesday.
“We couldn’t handle the refinancing, and the pressure is on us to pay the interest,” the Wall Street Journal quoted company director Eugene McCarthy as saying.
A Harcourt spokesman declined to comment on the report.
However, the firm confirmed that Harcourt President Peter Jovanovich said last week that “we don’t plan to make asset sales. We’re looking for a complete solution.”
Previously, Harcourt had sold assets to try to ease its debt burden.
Harcourt tripled its debt in 1987 when directors adopted a $3-billion recapitalization plan to thwart a hostile offer by British investor Robert Maxwell. Maxwell eventually abandoned his bid.
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