Reader's Digest Association

Reader’s Digest To File Chapter 11

Reader’s Digest, the publisher of the coffee table book, plans to file Chapter 11 bankruptcy to their reduce debt by 75 percent. Senior secured lenders will exchange a “substantial portion” of $1.6 billion in debt for equity. Some of them will provide a $150 million bankruptcy loan, debtor-in-possession financing, to ensure the company has enough liquidity during […]