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IPFS News Link • Media: Print

Reader's Digest plans to file for bankruptcy to trim its debt

• AP
Reader's Digest Association, publisher of the widely read Reader's Digest magazine, said Monday it will probably file for Chapter 11 bankruptcy so its U.S. business can cut its debt load. The bankruptcy would take the form of a so-called pre-arranged filing, Reader's Digest said in a statement. A pre-arranged filing comes after a company has already reached deals with its lenders to cut its debt.

1 Comments in Response to

Comment by Lola Flores
Entered on:

 Oh, my!  I wonder if it occurred to the publishers of Reader's Digest to ask their god to spare them for bankruptcy.  If they had, no doubt their almighty would have helped them out of that tight spot.