Reader's Digest UK Unit Pulled Out Of Insolvency

Law360, New York (April 9, 2010, 5:57 PM EDT) -- Private equity firm Better Capital Ltd. said Friday that it had backed a £13 million ($20 million) management buyout of Reader's Digest Association Inc.'s U.K. unit that will pull it out of insolvency proceedings with no bank debt.

The U.K. unit, Reader's Digest Association Ltd., was cut loose from the parent company in February to appease the U.K.'s pension regulator. But the U.K. unit will continue publishing under the Reader’s Digest brand through a license agreement, according to Better Capital.

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