Reader’s Digest No Longer Bankrupt!

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Rejoice, lovers of family-friendly, pocket-sized publications. Reader’s Digest Association emerged from Chapter 11 bankruptcy today.

Announcing its good fortune in a press release, the publisher of 92 magazines – including, yes, Reader’s Digest – said that the proceeding has left the bank with a much healthier balance sheet.

This is a bit of a bright spot in a very tumultuous time for Reader’s Digest, whose insolvent U.K. subsidiary entered “administration” (British for “bankruptcy”) last week. Mary Berner’s statement in today’s announcement suggested continued caution: “We expect that the industry and competitive environment will continue to be demanding, but we have the right team, the right model and relevant brands that engage today’s consumer.”

The restructuring also led to the announcement of a brand-new, eight-member Board of Directors!:

Norman Matthews, former president of Federated Department Stores, will serve as chairman. Board members include the aforementioned Berner; James Hawkes, former CEO and chairman of financial firm Eaton Vance, Karen Osar, former CFO of plastics manufacturer Chemtura; Frederic Reynolds, former CFO of CBS; Donald Steiner, managing partner at Webster Capital; Peter Stern, chief strategy officer of Time Warner Cable; and Carl Wilson, chief information officer at Marriott International.