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."

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.