PLEASANTVILLE, N.Y. – The publisher of Reader’s Digest said Monday that it has emerged from bankruptcy protection with much less debt and a new board of directors.

The Reader’s Digest Association Inc. was able to exit Chapter 11 protection in about six months because it negotiated a prearranged reorganization plan with key lenders prior to entering bankruptcy court.

Reader’s Digest is still one of the most popular magazines with a circulation of just over 7 million. It hasn’t seen the sharp declines in advertising that other magazines and newspapers have suffered, but its circulation has dropped by half since 1995.