Open

Coming up

Don't miss

Replay


LATEST SHOWS

THE WORLD THIS WEEK

The World This Week - 01 August 2014 (part 2)

Read more

MEDIAWATCH

Coverage of Gaza in the Israeli media

Read more

REPORTERS

1914-1918: The Depths of Hell

Read more

THE WORLD THIS WEEK

The World This Week - 01 August 2014

Read more

THE INTERVIEW

Exclusive: Israel's US ambassador speaks to FRANCE 24

Read more

#THE 51%

World War One: The war that changed women’s lives

Read more

FRANCE IN FOCUS

Ségolène Royal goes for green

Read more

THE OBSERVERS

A look back at some of the Observers' best stories

Read more

DEBATE

Argentina Defaults: Kirchner Cries Foul Over 'Vulture Funds' (part 2)

Read more

  • Hamas denies capturing Israeli soldier as Gaza truce lies in tatters

    Read more

  • Exclusive: Israel's US ambassador speaks to FRANCE 24

    Read more

  • Police 'chokehold' caused NYC death, coroner rules

    Read more

  • Air France ground workers to strike on August 2

    Read more

  • Rogue general denies Islamist seizure of Benghazi

    Read more

  • Ugandan court strikes down anti-gay legislation

    Read more

  • 1914-1918: The Depths of Hell

    Read more

  • Regional summit to tackle deadly Ebola outbreak

    Read more

  • French hospital to open wine bar for terminally ill patients

    Read more

  • Video: Tipping is dying out in French café culture

    Read more

  • €2.5 million in cocaine ‘disappears’ from Paris police HQ

    Read more

  • Appeal court keeps French rogue trader Kerviel in jail

    Read more

  • Interactive: France’s new plan to counter jihadism in Africa

    Read more

  • Ukrainian army suffers losses in separatist attack

    Read more

  • Argentinian markets plummet following default

    Read more

  • French Jews speak of growing fear in Paris amid Gaza conflict

    Read more

Business

Reader's Digest to file for US bankruptcy protection

Text by NEWS WIRES

Latest update : 2009-08-18

Reader's Digest has announced plans to file for bankruptcy protection after signing a restructuring deal with its major lenders. The company publishes 94 magazines including its namesake publication, which claims the world's largest circulation.

AFP - Reader's Digest, publisher of the monthly magazine which claims the largest circulation in the world, announced plans on Monday to file for bankruptcy protection in agreement with its major lenders.

Reader's Digest Association said the restructuring agreement calls for a "substantial portion" of its 1.6 billion dollars in debt to be swapped for equity and ownership of the company to be transferred to the lender group.

As part of the agreement, Reader's Digest said it would file for Chapter 11 bankruptcy, which protects a company from its creditors while it restructures.

It said the Chapter 11 filing only applies to its US businesses and not its operations in other countries.

"The company has strong brands and products, a leadership position in many markets around the world and a solid plan for the future," said Reader's Digest president and chief executive Mary Berner.

"Restructuring our debt will enable us to have the financial flexibility to move ahead with our growth and transformational initiatives," she said.

The Pleasantville, New York-based Reader's Digest was purchased by Ripplewood Holdings in March 2007. It publishes 94 magazines, including 50 editions of Reader's Digest.

 

Date created : 2009-08-18

COMMENT(S)