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Posts Tagged ‘J.P. Morgan’

Reader’s Digest Files For Ch. 11

rda.pngOne week after announcing its intention to file for Chapter 11 bankruptcy protection, Reader’s Digest Association Inc. filed the necessary paperwork with the bankruptcy court yesterday.

In a release about the filing, the Reader’s Digest publisher said that 80 percent of its senior secured lenders had already agreed to the restructuring plan that was part of the filing. The Chapter 11 filing will only affect the company’s U.S. operations, the company added.

“Our business operations remain solid, with anticipated Fiscal 2009 revenue only down by low single digits, currency neutral, despite the recession,” said Mary Berner, the company’s president and CEO, in a statement. “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.”

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J.P. Morgan Analyst Gives Boston Globe Hope

boston globe.pngBeleaguered newspaper The Boston Globe had a hopeful story today about the possibility of its survival.

According to the paper, J.P. Morgan analyst Alexia Quadrani has said that the Globe‘s owner, the New York Times Co., appears to be committed to the Boston paper “long term.”

Last month, the Times Co. threatened to close the Globe if its unions did not agree to $20 million in budget cuts. Many have suspected that the cuts — currently being mulled by union members — were leading up to a potential sale.

But in a research report sent to investors Wednesday Quadrani said Times Co. brass had indicated that the Globe was an important asset.

“Management did not indicate the time frame needed to turn around the profitability of The Boston Globe and did highlight that this property has been hit much harder than some of its other properties due to its larger exposure to classified revenues,” Quadrani said, according to the Globe. “But it did make clear that it views the Globe and other New England assets as important to the company, so we don’t expect an attempted divestiture anytime soon.”

It may only be one person’s (well-informed) decision, but we bet Globe staffers and readers are breathing a sigh of relief today.