You can rest easy now: the ginormous Irish hedge fund that owns Houghton Mifflin Harcourt isn’t going under: Its own bankers are getting together to buy it, says a Bookseller report. CEO Barry O’Callaghan, “who created the group through a number of debt-financed deals, will remain in charge.”

According to the report, “The group has secured unanimous support from its lenders to restructure its finances, more than halving its debts, in part by wiping out the equity holders.” Yes, you read that right: it was decided to “wipe out” equity holders. O’Callaghan himself was among those in the “wiped out” equity group. The report is unclear, but it seems some $1.49 billion in equity holdings were thus vaporized.