Reader’s Digest publisher files for bankruptcy, publication is now 91 years old

ABS-CBNNews.com, citing Bloomberg, reports that RDA Holding Co., the publisher of the 91-year-old Reader's Digest magazine "has filed for bankruptcy to bring down debt as consumers shift from print to digital media."

ABS-CBNNews.com, citing Bloomberg, reports that RDA Holding Co., the publisher of the 91-year-old Reader's Digest magazine "has filed for bankruptcy to bring down debt as consumers shift from print to digital media."

 

The report noted: "Bloomberg reported that RDA Holding Co. listed assets and debt of more than $1 billion each in Chapter 11 documents filed in the U.S. Bankruptcy Court in New York." Bloomberg stated: "Under a restructuring agreement supported by Wells Fargo & Co., $465 million of remaining senior notes will all convert to equity. The company expects to have about $100 million in debt when it exits Chapter 11, about an 80% reduction."

 

For more on this story, read the Bloomberg article posted on ABS-CBNNews.com.

ADVERTISEMENT - CONTINUE READING BELOW
CONTINUE READING BELOW
Recommended Videos
Share this story with your friends!

Help us make Spot.ph better!
Take the short survey

Read more stories about

Latest Stories

Load More Stories