Reader's Digest says it's bankrupt
Monday, February 18, 2013 10:29 AM
The publisher of Reader's Digest magazine, RDA Holding Co., has filed for
bankruptcy, MarketWatch
and Bloomberg
reported today. The move will help RDA slash $465 million in debt and
concentrate on its North American operations, Bloomberg News said. The company
filed Chapter 11 documents listing assets and debts of more than $1 billion
each. Under a restructuring deal, supported by Wells Fargo & Co., RDA will
convert $465 million of remaining senior notes to equity. Once the company
exits Chapter 11, it expects to have $100 million in debt.