Reader's Digest parent seeks bankruptcy protection - Mid-South News, Weather, Traffic and Sports | FOX13

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 This material may not be published, broadcast, rewritten or redistributed.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>>

  • Governor kicks off 114th annual New York International Auto Show

    Governor kicks off 114th annual New York International Auto Show

    Saturday, April 19 2014 7:00 PM EDT2014-04-19 23:00:18 GMT
    Auto fans you may already know this the 114th New York International Automobile Show is in town this week. Governor Cuomo was on hand Saturday to kick off the official opening of the 10 day event by driving a 2015 Chevrolet Corvette convertible through the Jacob Javits Convention Center.
    Auto fans you may already know this the 114th New York International Automobile Show is in town this week. Governor Cuomo was on hand Saturday to kick off the official opening of the 10 day event by driving a 2015 Chevrolet Corvette convertible through the Jacob Javits Convention Center.
  • Man struck and killed by NYC subway train

    Man struck and killed by NYC subway train

    Saturday, April 19 2014 3:19 PM EDT2014-04-19 19:19:38 GMT
    A man in his 60s was killed by an oncoming train in midtown Manhattan after jumping on the tracks to grab his personal belongings that fell.
    A man in his 60s was killed by an oncoming train in midtown Manhattan after jumping on the tracks to grab his personal belongings that fell.
  • Family of teen shot and killed by police sues NYC

    Family of teen shot and killed by police sues NYC

    The family of a 16-year-old Brooklyn boy whose fatal shooting by police last year sparked days of protests has filed a federal wrongful death lawsuit against New York City.
    The family of a 16-year-old Brooklyn boy whose fatal shooting by police last year sparked days of protests has filed a federal wrongful death lawsuit against New York City.
Powered by WorldNow

WHBQ-TV | Fox 13
485 S. Highland St.
Memphis, TN 38111

Main Station: (901) 320-1313
Newsroom: (901) 320-1340

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