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Reader's Digest Will File for Chapter 11; Owner Ripplewood's Stake to be Wiped Out

August 18, 2009
By Sarah Weinman

The publisher of Reader’s Digest magazine said Monday it will file for bankruptcy protection in what they term a “pre-arranged” bankruptcy. Under the plan, the WSJ report, Reader’s Digest Association will cut its debt to about $550 million from $2.2 billion. An investment group led by private-equity firm Ripplewood Holdings, which bought the 87-year-old magazine in 2007 for $1.6 billion, will see its investment wiped out, and lenders led by JP Morgan & co., will take control of the company. The operations outside the U.S., which generate a majority of the company’s revenue, aren’t part of the proposed bankruptcy filing.WSJ

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