Reader’s Digest publisher to file for Chapter 11

The publisher of Reader’s Digest said Monday it will file for Chapter 11 protection with a plan to swap a portion of its debt for ownership of the company.

In this 2005 magazine cover provided by Reader's Digest magazine

NEW YORK — The publisher of Reader’s Digest said Monday it will file for Chapter 11 protection with a plan to swap a portion of its debt for ownership of the company.

Reader’s Digest Association Inc. said it has reached an agreement in principle with a majority of secured lenders to erase a portion of the US$1.6 billion they hold in senior secured notes.

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