BUSINESS INFORMATION -"Reader` s Digest ", a monthly magazine publisher who claims to have the largest circulation in the world, filed for bankruptcy protection on Monday, in an agreement with major lenders.
Reader `s Digest Association, said that as part of previously announced restructuring plan was filed for Chapter 11 bankruptcy, which protects companies from creditors while restructuring, as quoted by AFP.
It says Chapter 11 filing only apply to businesses in the United States and not operations in other countries.
Reader `s Digest said last week that the restructuring agreement is intended to" substantial portion "of 1.6 billion dollars in debt that will be exchanged for equity and corporate ownership will be transferred to the creditor group.
A total of 550 million U.S. dollars in debt will remain on the books Readers `s Digest` s when it emerged from bankruptcy.
Reader `s Digest, based in the Pleasantville, New York, purchased by Ripplewood Holdings in March 2007. The company publishes 94 magazines, including 50 editions of Reader `s Digest.
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