EMPG, or Education Media & Publishing Group, began life in its current guise in 2007 with the $4 billion takeover of the Harcourt US Schools Education business from European information and publishing group Reed Elsevier.

IRISH investors could face losses of close to €500 million as the Education Media & Publishing Group (EMPG), controlled by Barry O’Callaghan, faces a major restructuring of its $7bn-plus crippling debt.