Reader's Digest Files Prearranged Ch. 11 Papers

Reader's Digest Association Inc. said Monday that it has filed for prearranged Chapter 11 bankruptcy protection as part of its restructuring plan.

The privately held publisher of the popular monthly magazine and dozens of other titles said the filing only affects its U.S. operations.

"We look forward to emerging with a restructured balance sheet and as a financially stronger organization that is positioned to pursue growth and transformational initiatives," President and CEO Mary Berner said in a statement.

The move by the Pleasantville-based company comes after it announced earlier this month that it would file for bankruptcy protection within 30 days and got more than 80 percent of its senior secured lenders on board with the planned Chapter 11 reorganization.

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