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Reader's Digest

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Reader's Digest US files for Chapter 11 bankruptcy protection

...

* Mark Sweney

* guardian.co.uk, Monday 17 August 2009 15.52 BST

* Article history

Reader's Digest has put its US business into Chapter 11 bankruptcy protection as part of a restructuring plan agreed with lenders to try and reduce the publisher's $2.2bn (£1.35bn) debt burden.

The company, which publishes tens of millions of copies of Reader's Digest worldwide each month, said that it will not be making a $27m (£16.5m) interest payment due today but would instead trigger a 30-day grace period to continue discussions with its lenders over the debt restructuring plan.

Today's Chapter 11 filing does not apply to Reader's Digest operations in Canada, Latin America, Europe, Africa, Asia and Australasia. The company said that its international operations are expected to have "adequate funding" to continue publishing.

In the UK, the former Radio Times editor Gill Hudson has just taken over at the local edition of Reader's Digest.

Reader's Digest Association said that today's US deal would allow it to reduce its overall debt from $2.2bn to $550m.

......

Further:

http://www.guardian.co.uk/media/2009/aug/1...gest-chapter-11

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They can't be bust, they promised me my million, I was the chosen one in the draw, they told me...it can't be true. :o

:lol: First thing I thought when I heard the news, no more annoying mail at least.

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:lol: First thing I thought when I heard the news, no more annoying mail at least.

Remember the car key you had to put in an envelope the scratch cards, the magic keys the hurdles, the book on approval...oh we did laugh. ;)

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Remember the car key you had to put in an envelope the scratch cards, the magic keys the hurdles, the book on approval...oh we did laugh. ;)

It always seemed very strange that a fairly respected publication (toilet reading material) also engaged in their weird Nigerian lottery winning rubbish.

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Guest sillybear2
Why do businesses operate with debt of £1.5b?

What have they borrowed the money for?

Prize Draws? :lol:

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Guest sillybear2
Remember the car key you had to put in an envelope

Yup, a miraculous coincidence that lead to the Vauxhall Astra becoming the most nicked car in history.

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Why do businesses operate with debt of £1.5b?

What have they borrowed the money for?

They were bought by a Private Equity Outfit in '03. That's what PE does. 6 years survival period, not bad for a PE rape victim.

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