BLP and Kirkland advise as Reader's Digest goes into administration
Kirkland & Ellis and Berwin Leighton Paisner (BLP) have taken key roles on the administration of Reader's Digest and the Chapter 11 of its US parent company. Readers Digest Association filed for Chapter 11 in August last year after struggling with payments on its $2.2bn (£1.4bn) debt, and the UK arm of the subscription-only magazine filed for administration yesterday (17 February) after plans to reduce its £125m pension deficit failed, putting 117 jobs at risk.
February 18, 2010 at 09:17 AM
2 minute read
Kirkland & Ellis and Berwin Leighton Paisner (BLP) have taken key roles on the administration of Reader's Digest and the Chapter 11 of its US parent company.
Reader's Digest Association filed for Chapter 11 in August last year after struggling with payments on its $2.2bn (£1.4bn) debt, and the UK arm of the subscription-only magazine filed for administration yesterday (17 February) after plans to reduce its £125m pension deficit failed, putting 117 jobs at risk.
Kirkland was instructed by Reader's Digest Association on its Chapter 11 filing with London-based restructuring partner Partha Kar and New York restructuring partner Nicole Greenblatt leading the firm's team.
BLP was instructed by Reader's Digest in the UK prior to the administration, and the top 20 City firm has now been appointed by the administrators, Moore Stephens. BLP's team is being led by restructuring and insolvency partner Ben Larkin alongside pensions partner Norman Russell.
Simpson Thacher & Bartlett is advising the parent company's lenders in the US, with bankruptcy head Peter Pantaleo leading from New York. Ashurst is advising the lenders in the UK with pensions partner Steven Hull taking the lead role.
Moore Stephens said that it would continue to operate the business while a buyer was found.
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