Harcourt Brace to Cut Interest Expense: Harcourt...

Harcourt Brace to Cut Interest Expense: Harcourt Brace Jovanovich said it will reduce its annual cash interest expense by $115 million as a result of the sale of its theme parks and land. The Orlando, Fla.-based company said cash flow from its publishing and insurance businesses will be “entirely sufficient” to pay its cash interest obligations for the foreseeable future. Harcourt Brace’s sale last week to Anheuser-Busch Cos. included its four Sea World theme parks as well as 1,200 acres of undeveloped land.