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Reader's Digest Assn. plans filing

August 18, 2009|Times Wire Reports

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

Reader's Digest Assn. Inc., owned by New York private equity firm Ripplewood Holdings since 2007, said it had reached an agreement in principle with a majority of secured lenders to erase a portion of the $1.6 billion they hold in senior secured notes. The lenders will get ownership in return.

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