Reader’s Digest publishers are planning to file for Chapter 11 protection
following emergency talks with lenders to swap part of a $1.6bn (£0.98bn) debt
for ownership of the company.
Reader’s Digest Association Inc, which also produces books and dozens of
other titles, said it has reached an agreement in principle with a majority of
lenders to write off a portion of $1.6bn in loans, according to
A slump in advertising revenue has caused the closure of several high-profile
magazines in the US including Conde Nast’s Portfolio,
Domino and Blender.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children