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Reader's Digest parent seeks bankruptcy protection

By Associated Press

POSTED:
LAST UPDATED: 08:12 a.m. HST, Feb 18, 2013



NEW YORK » The parent company of Reader's Digest has filed for Chapter 11 bankruptcy protection for the second time in less than four years, saying it needs to cut its debt so it can keep restructuring.

RDA Holding Co. says it will keep publishing during the bankruptcy. It is aiming to be out of Chapter 11 within six months.

The New York company said late Sunday that it plans to cut its debt load by 80 percent during the restructuring, leaving it with about $100 million in debt.

RDA's Reader's Digest Association Inc. filed for Chapter 11 protection in 2009 in the midst of a recession and a drop in advertising and circulation. The company emerged from bankruptcy in early 2010.







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cojef wrote:
Print publication is on the decline with introductions of the "Kindle", "Nook" and electronic tablets. RD must change or slowly, but surely become the victim of the new inovations.
on February 18,2013 | 11:10AM
st1d wrote:
will they still pay my sweepstakes?
on February 18,2013 | 06:18PM
iwanaknow wrote:
Go the route of NewsWeek? Strictly on-line.
on February 19,2013 | 08:55AM
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