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 during the bankruptcy. It is aiming to be out of Chapter 11 within six months.
The New York company said late Sunday that it plans to cut its debt load by 80% during the restructuring, leaving it with about $100 million in debt.
RDA's Reader's Digest Association Inc. filed for Chapter 11 protection in 2009 in the midst of a recession and a drop in advertising and circulation. The company emerged from bankruptcy in early 2010.
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Monday, June 17 2013 10:30 PM EDT2013-06-18 02:30:40 GMT
Photo courtesy of @N42_21_W71_04)
A train derailed in one of the East River tunnels Monday afternoon, disrupting service on the Long Island Rail Road. Westbound service between Jamaica and Penn Station is temporarily suspended.
A train derailed in one of the East River tunnels Monday afternoon, disrupting service on the Long Island Rail Road. Westbound service between Jamaica and Penn Station is temporarily suspended.
Monday, June 17 2013 9:50 PM EDT2013-06-18 01:50:24 GMT
More than two dozen family members packed a court room to support the daughter who never gave up on finding her father's killer.
More than two dozen family members packed a court room to support the daughter who never gave up on finding her father's killer. For the first time, Joselyn Martinez came face to face with the man she believes took her dad away from her when she was just a little girl.
Monday, June 17 2013 6:03 PM EDT2013-06-17 22:03:08 GMT
Mayor Michael Bloomberg has tried to limit the size of soda consumption, ban smoking in parks, encourage bike riding and now there"s another possible plan on the table: mandate recycling of food waste.
West Side resident Matt Murphy has stored a pail of leftovers on his floor for the last two months. His building is part of the city's food-recycling pilot program. Mayor Bloomberg wants to expand the program citywide.
Monday, June 17 2013 9:04 AM EDT2013-06-17 13:04:33 GMT
Chinese dissident Chen Guangcheng, who was allowed to travel to the U.S. after escaping from house arrest, said Monday that New York University is forcing him and his family to leave.
Chinese dissident Chen Guangcheng, who was allowed to travel to the U.S. after escaping from house arrest, said Monday that New York University is forcing him and his family to leave.
Monday, June 17 2013 8:21 AM EDT2013-06-17 12:21:23 GMT
Related Companies, a major landlord across the country, is banning smoking in all of its apartments. The new rule is meant to create healthier living conditions, according to company officials.
Related Companies, a major landlord across the country, is banning smoking in all of its apartments. The new rule is meant to create healthier living conditions, according to company officials.
Monday, June 17 2013 7:02 AM EDT2013-06-17 11:02:34 GMT
Two New York City Council committees are holding a hearing on glitches to the city's emergency 911 system that at times have forced phone operators to resort to pen and paper.
Two New York City Council committees are holding a hearing on glitches to the city's emergency 911 system that at times have forced phone operators to resort to pen and paper.
Sunday, June 16 2013 7:05 PM EDT2013-06-16 23:05:53 GMT
Sunday was a historical graduation day for the first class of Orthodox Jewish women ordained as members of the clergy. The graduation took place at the Ramaz Upper School on East 78th Street. Yeshivat Maharat is the first institution to train Orthodox women as spiritual leaders. The women have all followed the same course training as their male counterparts and have studied the Torah at advanced levels for years.
Sunday was a historical graduation day for the first class of Orthodox Jewish women ordained as members of the clergy. The graduation took place at the Ramaz Upper School on East 78th Street. Yeshivat Maharat is the first institution to train Orthodox women as spiritual leaders. The women have all followed the same course training as their male counterparts and have studied the Torah at advanced levels for years.
Sunday, June 16 2013 4:52 PM EDT2013-06-16 20:52:05 GMT
Mayor Michael Bloomberg was a guest speaker at Stanford University’s commencement in Palo Alto, California Sunday. Bloomberg addressed the graduates speaking about immigration reform and said about 30 percent of Stanford’s 5,000 graduates had attended college on student visas. He also mentioned that many of those same students without a way to work in the U.S. legally would have to return to their countries to compete with American companies.
Mayor Michael Bloomberg was a guest speaker at Stanford University’s commencement in Palo Alto, California Sunday. Bloomberg addressed the graduates speaking about immigration reform and said about 30 percent of Stanford’s 5,000 graduates had attended college on student visas. He also mentioned that many of those same students without a way to work in the U.S. legally would have to return to their countries to compete with American companies.
