Houghton Mifflin Harcourt filed for “pre-packaged” bankruptcy earlier this week, citing liabilities and debt of more than $1 billion. The publishing company, which was the publisher of a wide range of accomplished authors, including Jane Austen, Mark Twain, Harriet Beecher Stowe and Henry David Thoreau. The company is one of the world’s largest providers of pre-K–12 education materials.

As part of the bankruptcy filing, the company will undergo a restructuring of its finances that is expected to cut its debt by $3.1 billion under the plan of reorganization under Chapter 11. Houghton said it still expects to complete the restructuring by the end of June 2012.

HMH issued a statement detailing their plans for the future:

“Houghton Mifflin Harcourt will maintain normal day-to-day business operations throughout the restructuring process, and we expect no disruptions to our relationships with our customers, agents, authors, employees, business partners and suppliers.”

The company filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York.