Friday, April 18, 2014         

 Print   Email   Comment | View 3 Comments   Most Popular   Save   Post   Retweet

Reader's Digest parent seeks bankruptcy protection

By Associated Press

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.

 Print   Email   Comment | View 3 Comments   Most Popular   Save   Post   Retweet

You must be subscribed to participate in discussions
By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. Because only subscribers are allowed to comment, we have your personal information and are able to contact you. If your comments are inappropriate, you may receive a warning, and if you persist with such comments you may be banned from posting. To report comments that you believe do not follow our guidelines, email commentfeedback@staradvertiser.com.
Leave a comment

Please login to leave a comment.
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
Breaking News