美国发行量最大的杂志《读者文摘》（Reader's Digest）的出版商债务缠身，已同意申请破产保护，将其借款缩减75%.这是最近的媒体行业收购大潮中出现的又一起失败案例。

　　按照协议，《读者文摘》的控制权将移交给该公司的贷款方。其贷款方以摩根大通公司（JP Morgan Chase）为首，还包括通用金融（GE Capital）、Aries Management、美林公司（Merrill Lynch）、基金公司Eaton Vance、Regiment Capital和DK Partners.

　　私募股权公司Ripplewood Holdings于2007年主导了以16亿美元收购《读者文摘》的行动，该公司称将放弃其股权。Ripplewood的比利时分支试图收购通用汽车（General Motors Co.）旗下德国汽车子公司欧宝（Opel），《读者文摘》申请破产对其显然是个打击。

　　《读者文摘》拥有众多其他杂志和媒体资产，包括食品生活类杂志Every Day With Rachael Ray和烹饪网站AllRecipes.com.其最重要的《读者文摘》杂志的发行量多年来一直下滑，不久前《读者文摘》表示计划进一步缩减发行量，目前为800多万，较上年同期下降了12%.

　　《读者文摘》与其贷款方已达成一致，该公司将申请破产保护，以将其16亿美元担保债务的一大部分转换为证券。《读者文摘》周一表示，一些贷款方将提供1.5亿美元的“债务人持有破产资产”（DIP）贷款，以帮助《读者文摘》通过破产程序以及后续事宜。《读者文摘》表示，预计其负债总额将从22亿美元缩减至5.5亿美元。

　　《读者文摘》没有支付周一到期的一笔2，700万美元的利息。该公司表示，其将利用30天的宽限期继续与贷款方讨论，并计划在宽限期截止前提出破产保护申请。该公司在美国之外的业务预计不在破产申请之内。

　　债务人持有破产资产贷款是为该公司提供的新资金，意味着其现有贷款不会计入。据标准普尔LCD的数据显示，债务人持有破产资产贷款的利率较伦敦银行同业拆息（Libor）高10%，而伦敦银行同业拆息基准为3.5%.这就意味着贷款方收益年利率绝不会低于13.5%.

　　The debt-strapped publisher of Reader's Digest magazine， one of the country's largest consumer magazines， has agreed to file for bankruptcy protection with its borrowings cut by 75%， as another failure emerged from the recent wave of media-industry buyouts.

　　The agreement will turn over control of Reader's Digest Association to the company's lenders. The lenders， led by J.P. Morgan Chase， also include GE Capital， Aries Management， Merrill Lynch， Eaton Vance， Regiment Capital and DK Partners.

　　Private-equity firm Ripplewood Holdings， which led a $1.6 billion buyout of Reader's Digest in 2007， will give up its stake， the company said. The bankruptcy filing is a blow to Ripplewood as its Belgian affiliate pursues a purchase of Opel， the German auto unit of General Motors Co.

　　Reader's Digest owns a stable of other magazines and media properties， including Every Day With Rachael Ray and cooking Web site AllRecipes.com. The flagship magazine's circulation has been sliding for years， and recently Reader's Digest said it planned to cut out even more of its circulation， which currently stands at more than 8 million， down 12% from a year ago.

　　Reader's Digest and its lenders have agreed that the company will file for bankruptcy protection in order to convert a 'substantial portion' of its $1.6 billion in secured debt to equity. Some of the lenders will provide a $150 million debtor-in-possession loan to carry Reader's Digest through the bankruptcy process and beyond， the company said Monday. All told， Reader's Digest said it expects its debt load will be cut to $550 million from $2.2 billion.

　　Reader's Digest didn't pay a $27 million interest payment due Monday. The company said it would use a 30-day grace period to continue discussions with its lenders and that it plans to file for bankruptcy protection no later than the end of the grace period. The company's operations outside the U.S. aren't expected to be part of the bankruptcy filing.

　　The debtor-in-possession loan is new money for the company， meaning none of its existing loans are being rolled into the facility. Interest on the DIP is 10% over the London interbank offered rate， or Libor， with a Libor floor of 3.5%， according to Standard & Poor's LCD unit. This means that under no circumstances will the lenders earn less than 13.5% annual interest.