Weight Watchers files for bankruptcy to melt away debt

Weight Watchers is fighting to survive. Faced with the overwhelming success of new appetite suppressant drugs , the American weight-loss specialist has decided to voluntarily file for Chapter 11 bankruptcy protection in a Delaware court. This procedure should allow it to negotiate its significant debt with its creditors. During this period, the company will continue to operate "without consequences" for its members, it assured.

"Weight Watchers is taking strategic steps to eliminate $1.15 billion of debt and strengthen its financial position for long-term growth and profitability," the once-popular group said in a statement Wednesday. The agreement with creditors, which is expected to be approved by the courts within 40 days, will reduce its debt from $1.6 billion currently to $465 million. "The company's debt burden is a burden…