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The publisher of Reader's Digest, the US general interest magazine, has announced it will file for bankruptcy protection with a plan to swap a portion of its debt for ownership of the company,
The publisher of Reader's Digest, the US general interest magazine, has announced it will file for bankruptcy protection with a plan to swap a portion of its debt for ownership of the company, Associated Press reports.
The planned filing does not include operations outside the United States.
In a statement, Reader's Digest CEO Mary Berner said the agreement follows "months of intensive strategic review of our balance-sheet issues."
The company intends to seek further agreements from lenders and other stakeholders before making a formal bankruptcy filing within a month.
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