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Author Topic: Reader's Digest plans to file for U.S. bankruptcy  (Read 914 times)
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JohnBrowdie
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« on: August 17, 2009, 01:13:26 pm »

first reaction:  holy hell!  reader's digest is still in business? Huh?

second reaction; holy hell, readers digest is $2.2 billion in debt?  how can adult coloring books get that far in debt?  Shocked Huh?

Quote
Reader's Digest plans to file for U.S. bankruptcy

NEW YORK (Reuters) - Reader's Digest Association Inc, publisher of the widely-read Reader's Digest magazine, said on Monday it would likely file for Chapter 11 bankruptcy for its U.S. businesses to cut its debt load.

The media company, known worldwide for its family-friendly namesake magazine, been trying to slash costs and boost growth since it was taken private in 2007 by an investor group led by Ripplewood Holdings LLC.

The bankruptcy would take the form of a so-called pre-arranged filing, Reader's Digest said in a statement. A pre-arranged filing comes after a company has already reached deals with its lenders to cut its debt.

The Chapter 11 filing will apply only to the company's U.S. businesses. Its operations in Canada, Latin America, Europe, Africa, Asia and Australia-New Zealand will not be affected.

"Restructuring our debt will enable us to have the financial flexibility to move ahead with our growth and transformational initiatives," said President and Chief Executive Officer Mary Berner, in a statement.
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The agreement, which is subject to court approval, also includes a commitment from some members of the senior lender group to provide $150 million in debtor-in-possession financing, which would help fund operations during the reorganization. The pre-arranged plan proposes to cut debt by 75 percent to $550 million, from the current $2.2 billion.

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