Reader's Digest parent seeks bankruptcy protection - FOX 35 News Orlando

Reader's Digest parent seeks bankruptcy protection

Posted: Updated:

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.

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 This material may not be published, broadcast, rewritten or redistributed.

  • Manhattan NewsManhattan NewsMore>>

  • New MTA bus routes take effect

    New MTA bus routes take effect

    Monday, September 1 2014 1:09 PM EDT2014-09-01 17:09:54 GMT
    MTAMTA
    The MTA has new bus routes throughout the 5 boroughs. 
    The MTA has new bus routes throughout the 5 boroughs. 
  • 3 hurt in lightning strike as storms batter NYC area

    3 hurt in lightning strike as storms batter NYC area

    Sunday, August 31 2014 9:47 PM EDT2014-09-01 01:47:41 GMT
    Heavy thunderstorms swept through the tri-state on Sunday causing flash floods and lightning strikes that injured 3 people. The three men were struck at Orchard Beach in the Bronx Sunday afternoon and were being treated at a local hospital. Meanwhile, various Labor Day weekend celebrations were interrupted, delayed and even canceled as the U.S. Open tennis tournament had to be postponed and the Electric Zoo musical festival on Randall's Island had to be prematurely shut down.
    Heavy thunderstorms swept through the tri-state on Sunday causing flash floods and lightning strikes that injured 3 people. The three men were struck at Orchard Beach in the Bronx Sunday afternoon and were being treated at a local hospital. Meanwhile, various Labor Day weekend celebrations were interrupted, delayed and even canceled as the U.S. Open tennis tournament had to be postponed and the Electric Zoo musical festival on Randall's Island had to be prematurely shut down.
  • Man arrested in Central Park bias attack

    Man arrested in Central Park bias attack

    Sunday, August 31 2014 4:04 PM EDT2014-08-31 20:04:10 GMT
    Police say a man has been charged and arrested for his involvement in a Central Park hate-crime assault. According to the NYPD, 20-year-old Edward Fall, shot a 36-year-old female jogger with a pellet gun and was part of a group of people who the jogger said made anti-white statements against her.
    Police say a man has been charged and arrested for his involvement in a Central Park hate-crime assault. According to the NYPD, 20-year-old Edward Fall, shot a 36-year-old female jogger with a pellet gun and was part of a group of people who the jogger said made anti-white statements against her.
Powered by WorldNow

35 Skyline Drive
Lake Mary, FL 32746

Phone: (407) 644-3535
News Tips: (866) 55-FOX35

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices