Private Equity Firm Buys UK Reader's Digest out of Bankruptcy
The U.K. unit of Reader’s Digest has been bought by private-equity firm Better Capital, the Financial Times reports.
Says the FT:
“The deal involved difficult negotiations to ensure that Better Capital bought the rights to the Reader’s Digest brand, which was still owned by its US parent, Reader’s Digest Association, which only recently emerged from Chapter 11 bankruptcy protection itself.”
The U.S.-based Reader’s Digest Association exited from bankruptcy in late February, a delayed emergence that stemmed from pension issues hindering its U.K.
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