BusinessBusiness RecoveryReader’s Digest to file for Chapter 11 protection

Reader's Digest to file for Chapter 11 protection

The world's most popular general interest magazine publisher planning bankruptcy protection after hammering out a deal with lenders to swap debt for a stake in the company

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
the
Associated Press
.

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.

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