Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Reader's Digest says bankruptcy financing approved

Send a link to a friend

[February 21, 2013]  NEW YORK (AP) -- The parent company of Reader's Digest says a court conditionally approved its debt financing, allowing it to stay in business and pay its employees and freelancers while it restructures its business.

RDA Holding Co. says the court approved an agreement for $105 million in financing, $11 million of which will be available immediately. A final hearing on the plan will be held in March.

On Monday RDA filed for 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. The company says it will keep publishing the magazine during bankruptcy proceedings and aims to be out of Chapter 11 in six months. It plans to cut its debt 80 percent, to $100 million.

[Associated Press]

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 This material may not be published, broadcast, rewritten or redistributed.


< Top Stories index

Back to top


News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries

Community | Perspectives | Law & Courts | Leisure Time | Spiritual Life | Health & Fitness | Teen Scene
Calendar | Letters to the Editor