Reader's Digest Files Bankruptcy to Cut $465 Million Debt

By Bloomberg, Bloomberg

Feb. 18, 2013

RDA Holding Co., publisher of the 91-year-old Reader's Digest magazine, filed for bankruptcy to cut $465 million in debt and focus on North American operations as consumers shift from print to electronic media.

Reader's Digest operates the former Reiman Publications business in Greendale, which it acquired in 2002. The Reiman division publishes Taste of Home magazine, Birds & Blooms and other titles.

Reader's Digest, founded by DeWitt and Lila Wallace, went public in 1990. An investor group bought it in 2007 for $1.6 billion and the assumption of about $800 million in debt. The company previously filed for bankruptcy protection in August 2009, citing a drop in advertising spending and the debt load incurred in its acquisition. The company listed both assets and debt of more than $1 billion in Chapter 11 documents filed Sunday in White Plains, N.Y.

? 2013, Journal Sentinel Inc. All rights reserved.

Source: http://www.jsonline.com/business/readers-digest-files-bankruptcy-to-cut-465-million-debt-readers-digest-files-bankruptcy-oe8qknc-191632501.html

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