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| Version 1 | Version 2 |
|---|---|
| Reader's Digest in administration | Reader's Digest in administration |
| (10 minutes later) | |
| Reader's Digest has gone into administration in the UK, putting 117 jobs at risk. | Reader's Digest has gone into administration in the UK, putting 117 jobs at risk. |
| The decision comes after negotiations between the company's US parent group, and the UK Pensions Regulator broke down over its UK pension fund. | The decision comes after negotiations between the company's US parent group, and the UK Pensions Regulator broke down over its UK pension fund. |
| The dispute centred on how to fund its £125m pension fund deficit. | The dispute centred on how to fund its £125m pension fund deficit. |
| As a deal could not be done, the UK publisher would not be able to meet those obligations and would not be able to continue operations, it said. | As a deal could not be done, the UK publisher would not be able to meet those obligations and would not be able to continue operations, it said. |
| It had offered | |
| The administrators will now look for a buyer for the UK firm which was established in 1938. | The administrators will now look for a buyer for the UK firm which was established in 1938. |
| The pensions crisis is just the latest problem to hit the publisher. | The pensions crisis is just the latest problem to hit the publisher. |
| Reader's Digest Association (RDA), the US parent group, filed for bankruptcy protection last year after struggling with interest payments on a $2.2bn (£1.4bn) debt. It now expects to come out of Chapter 11 shortly. | Reader's Digest Association (RDA), the US parent group, filed for bankruptcy protection last year after struggling with interest payments on a $2.2bn (£1.4bn) debt. It now expects to come out of Chapter 11 shortly. |
| The UK arm has had a cash flow problem for some time, a company spokesman said, and this was exacerbated by higher-than-normal contributions to the severely underfunded pension fund. | The UK arm has had a cash flow problem for some time, a company spokesman said, and this was exacerbated by higher-than-normal contributions to the severely underfunded pension fund. |
| Its world-famous magazine has just over 500,000 subscribers in the UK. | Its world-famous magazine has just over 500,000 subscribers in the UK. |