The law firm was asked to evaluate options for the Pleasantville, New York-based publisher that include a possible “pre-packaged” or “pre-arranged bankruptcy,” in which much of the restructuring work is completed out of court, the person said. A pre-packaged bankruptcy is more advanced than a pre- arranged bankruptcy as it already has agreements from creditors about the outcome of a reorganization.According to a Feb. 18 credit opinion by Moody`s, Reader`s Digest`s “capital structure appears unsustainable and may violate its covenants or restructure within the next year to 18 months.” Cash-flow and debt are also issues, the ratings firm said.
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