Reader's Digest to file for bankruptcy
Media 16
According to the Herald, Reader’s Digest Association said that it planned to file for Chapter 11 bankruptcy for its US businesses as part of a pre-arranged plan with lenders to cut debt by 75%. The media company has been trying to cut costs since it was bough in 2007 by an investor group led by Ripplewood Holdings.
According to the Herald, Reader’s Digest Association said that it planned to file for Chapter 11 bankruptcy for its US businesses as part of a pre-arranged plan with lenders to cut debt by 75%. The media company has been trying to cut costs since it was bough in 2007 by an investor group led by Ripplewood Holdings. The bankruptcy would take the form of a pre-arranged filing, which comes after a company has already reached deals with lenders to reduce debt. If approved, the deal would allow Reader’s Digest to cut its debt to $550- million from the current $2.2-billion.
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