Houghton Mifflin Publishing Files for Bankruptcy

It is quite shocking to know that Houghton Mifflin Harcourt Publishing has filed for Chapter 11 Bankruptcy today, seeing how popular their publishing has become over the years. They are known for publishing authors from Mark Twain (Tom Sawyer, Huckleberry Finn) to J.R.R. Tolkien (The Lord of the Rings). It is quite shocking to see that they needed to go into Chapter 11 Bankruptcy to eliminate over $3 billion of debt they had accumulated. Houghton Mifflin is most recently known for its textbook sales to schools, which has virtually stalled due to the financial crisis and lack of sufficient state funds for schools to buy new textbooks. I wonder if this industry will ever bounce back. (for more information, look at link below)
http://www.bloomberg.com/news/2012-05-21/houghton-mifflin-harcourt-publishing-files-for-bankruptcy-1-.html