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Mon Feb 18, 2013, 07:20 PM

Reader's Digest parent seeks bankruptcy protection

Source: AP-Excite

NEW YORK (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 the magazine during the bankruptcy, and aims to be out of Chapter 11 within six months.

The circulation of Reader's Digest has declined because of competition from the Internet - shrinking by nearly two-thirds since 1995 - but it is still one of the world's most-read magazines.

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. It said it has already reached agreements with its secured lender and more than 70 percent of its secured noteholders. A group of its creditors have supplied $45 million in new financing to help Reader's Digest go through the process as part of a $105 million loan to repay existing bank debt.

FULL story at link.


Read more: http://apnews.excite.com/article/20130218/DA4H92U02.html

11 replies, 1773 views

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Reply Reader's Digest parent seeks bankruptcy protection (Original post)
Omaha Steve Feb 2013 OP
davidpdx Feb 2013 #1
Hugabear Feb 2013 #10
TrogL Feb 2013 #2
benld74 Feb 2013 #3
kooljerk666 Feb 2013 #4
Ikonoklast Feb 2013 #5
Ron Obvious Feb 2013 #6
dixiegrrrrl Feb 2013 #7
formercia Feb 2013 #8
Hassin Bin Sober Feb 2013 #9
llmart Feb 2013 #11

Response to Omaha Steve (Original post)

Mon Feb 18, 2013, 07:55 PM

1. I really like Reader's Digest

If I was in the US I'd have a subscription, but here in South Korea it is way too expensive. The newsstand price is about $7.25 and I'm not sure what the subscription rate is per issue.

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Response to davidpdx (Reply #1)

Tue Feb 19, 2013, 02:49 PM

10. Why would you want to subscribe to a blatantly right-wing publication?

My parents used to get it all the time, I never could stomach it.

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Response to Omaha Steve (Original post)

Mon Feb 18, 2013, 09:02 PM

2. Good - its right-wing bullshit has no place in doctors' offices or anyplace else

One of my shrinks had them out in the waiting room in her office until I showed her some the articles.

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Response to TrogL (Reply #2)

Mon Feb 18, 2013, 10:20 PM

3. Agreed, I stopped reading it ages ago.

I feel the same about the Parade Sunday magazine

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Response to benld74 (Reply #3)

Tue Feb 19, 2013, 08:27 AM

4. agree strongly with both above....

 

both can drop over, as well as all media that works for KOCH, Faux, CNN, AP & the rest of the beltway suspenders.

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Response to Omaha Steve (Original post)

Tue Feb 19, 2013, 08:34 AM

5. Hope the investors lose their shirt.

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Response to Omaha Steve (Original post)

Tue Feb 19, 2013, 10:06 AM

6. Ronald Reagan's Favourite Magazine

Ronald Reagan's Favourite magazine as I recall, full of conservative homilies, American exceptionalism and mawkish human interest stories. Good riddance.

Besides, the mere concept of 'condensed books' is obscene to any booklover.

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Response to Omaha Steve (Original post)

Tue Feb 19, 2013, 10:30 AM

7. Bankruptcy as a way of shirking the bills.

Seeing that more and more.

Wish I could borrow to the hilt, go thru bankruptcy and borrow again for living expenses, over and over.

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Response to Omaha Steve (Original post)

Tue Feb 19, 2013, 11:59 AM

8. Condensing books to fit their Reich-Wanker point of View

Good Riddance.

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Response to Omaha Steve (Original post)

Tue Feb 19, 2013, 12:04 PM

9. Was the filing condensed and in large type?

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Response to Omaha Steve (Original post)

Tue Feb 19, 2013, 03:42 PM

11. Piece of crap magazine....

It's "journalism" akin to the "Father Knows Best" type of TV.

I can't imagine anyone under 65 who would subscribe to this garbage.

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