Readers Digest is surprising none of its lenders as it seeks Chapter 11 protection; they have all signed on to the plan in advance. The company is tightening its belt, going from 12 to 10 issues annually, lowering its reader guarantee from 8M to 5.5M, but hoping to reduce debt from $2.2B to $550M. Lenders are exchanging $1.6B in debt for ownership of the company, which is looking to emerge stronger from its reworked debt load.
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