EMPG

Education Media and Publishing Group, more commonly known as EMPG, is a holding company registered in the Cayman Islands with no operating subsidiaries. It also has a minority interest in an affiliate that focuses on markets outside the USA called EMPGI. In January 2009 the two big credit rating services, Moody's Investor Services and Standard & Poor's, reduced the rating of EMPG and warned that default on its debt was increasingly likely. On 10 April 2009 Moody's downgraded Houghton Mifflin Harcourt down to Caa3 from Caa1. In August 2009, EMPG announced that it had substantially reduced its debt, relaxed covenants and received incremental working capital facilities. Prior to March 2010, EMPG owned the legacy Riverdeep and Houghton Mifflin Harcourt businesses, which it acquired in 2006 and 2007, respectively.

Read more about EMPGRiverdeep's Acquisition of Houghton Mifflin, The Merger With Harcourt, HMH's Competitors

Other articles related to "empg":

Barry O'Callaghan - Career in Education - Chairman of EMPG
... In August 2009, the Irish Independent reported that EMPG was in negotiations with its lenders to restructure the company ... As a result of the transaction $1 bn of debt would convert into a 45% stake in EMPG with an implied equity value of $2.66 bn for both the old equity and the new shares combined ... On 13 January 2010, EMPG announced that it was in advanced negotiations with its lenders about a comprehensive restructuring, that could see a 70% reduction in ...
Barry O'Callaghan
... Harcourt (HMH), and the Chairman of Education Media and Publishing Group (EMPG), the Cayman Island holding company for Houghton Mifflin Harcourt ... He was the largest shareholder in EMPG on its formation in 2007 with a controlling stake of circa 48% ... O'Callaghan's shareholding in EMPG in late 2009, with his holding falling to approximately 22% ...
Anglo Irish Bank - Controversy of Business Practices & Loans - EMPG Loans
... of Houghton Mifflin Harcourt given loans by Anglo Irish Bank to investors in EMPG ... Irish Bank had loans outstanding to the shareholders of EMPG ... RTÉ, Barry O'Callaghan, Chairman of EMPG and CEO of Houghton Mifflin Harcourt, confirmed that Irish investors as well as he himself were facing huge losses ...
Barry O'Callaghan - Career in Education - Chairman and CEO of Houghton Mifflin Harcourt
... EMPG has to raise additional equity to fund the purchase with the equity value of company estimated to be $2.6bn after the transaction ... between the €360m net worth and $1bn value of his stake in EMPG is driven by debt and currency ... With an equity value of $1 billion for his stake in EMPG, this implies that he had circa $400m of personal debt and liabilities at the time ...
Istithmar World - Investment Portfolio
... On 22 February 2010, Houghton Mifflin Harcourt announced that EMPG and HMH had reached an agreement to restructure the finances of the company and recapitalize its balance sheet with a ... According to the Irish Times the investments by the current equity holders of EMPG, including Istithmar and others, will see their combined investment of over $3.5 ... in May 2008 as joint venture between EMPG, the holding company that controls Houghton Mifflin Harcourt and Istithmar ...