Reader's Digest Files For Ch. 11
One week after announcing its intention to file for Chapter 11 bankruptcy protection, Reader’s Digest Association Inc. filed the necessary paperwork with the bankruptcy court yesterday.
In a release about the filing, the Reader’s Digest publisher said that 80 percent of its senior secured lenders had already agreed to the restructuring plan that was part of the filing. The Chapter 11 filing will only affect the company’s U.S. operations, the company added.
“Our business operations remain solid, with anticipated Fiscal 2009 revenue only down by low single digits, currency neutral, despite the recession,” said Mary Berner, the company’s president and CEO, in a statement.
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