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How Golden Mary Berners Parachute

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by Matt Haber
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Aug 20 2009 3:15pm EDT

How Golden is Mary Berner's (Possible) Parachute?

Reader's Digest has moved one step closer to filing for Chapter 11 bankruptcy protection today. According to the Associated Press, 80 percent of the magazine company's senior lenders have agreed to let the filing go ahead. The filing would reduce the company's debt to $550 million down from $2.2 billion.

Those creditors include JPMorgan Chase, GE Capital, Merrill Lynch, and others. Folio sifted through the filing and finds that CEO Mary Berner will be taking a pay cut, bringing her salary to $1.5 million. Folio's Jason Fell also notes that if Berner should lose her gig in the course of he restructuring, she'll walk away with $2.2 million in severance and whatever unpaid salary, vacation days, and unpaid expenses she has.

Looks like someone will do just fine come what may.

Matt Haber is the media blogger for Portfolio.com.

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