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It said the Chapter 11 filing only applies to its US businesses and not its operations in other countries.
Reader's Digest said last week that the restructuring agreement calls for a "substantial portion" of its 1.6 billion dollars in debt to be swapped for equity and ownership of the company to be transferred to the lender group. A total of 550 million dollars in debt will remain on Readers's Digest's books when it emerges from bankruptcy.
"We look forward to emerging with a restructured balance sheet and as a financially stronger organization that is positioned to pursue our growth and transformational initiatives," Reader's Digest president and chief executive Mary Berner said in a statement.
The Pleasantville, New York-based Reader's Digest was purchased by Ripplewood Holdings in March 2007. It publishes 94 magazines, including 50 editions of Reader's Digest.
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Reader's Digest said last week that the restructuring agreement calls for a "substantial portion" of its 1.6 billion dollars in debt to be swapped for equity and ownership of the company to be transferred to the lender group. A total of 550 million dollars in debt will remain on Readers's Digest's books when it emerges from bankruptcy.
"We look forward to emerging with a restructured balance sheet and as a financially stronger organization that is positioned to pursue our growth and transformational initiatives," Reader's Digest president and chief executive Mary Berner said in a statement.
The Pleasantville, New York-based Reader's Digest was purchased by Ripplewood Holdings in March 2007. It publishes 94 magazines, including 50 editions of Reader's Digest.
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