LONDON - Reader's Digest magazines will file for Chapter 11 bankruptcy protection in the US in a bid to erase up to 75% of its debt.
The arrangement will enable Reader's Digest to continue trading while its juggles its finances follows a decline in ad revenues.
The bankruptcy only applies to Reader's Digest's US operations with its global businesses unaffected by the move.
Currently owned by US private equity business Ripplewood, Reader's Digest was founded in 1922 as a collection of condensed articles from other publications.
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