Reader's Digest parent seeks bankruptcy protection

(AP)—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 and a drop in advertising and circulation. The company emerged from in early 2010.


Explore further

Readers Digest in new push in print, digital

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Citation: Reader's Digest parent seeks bankruptcy protection (2013, February 18) retrieved 26 September 2020 from https://phys.org/news/2013-02-reader-digest-parent-bankruptcy.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
0 shares

Feedback to editors

User comments