RDA To Emerge From Bankruptcy
Jan 15, 2010, 7:12 PM
A judge approved Reader's Digest Association's restructuring plan, which will allow the publisher to emerge from bankruptcy by Jan. 31, reports Mediaweek. The publisher was burdened by debt from its 2007 takeover by Ripplewood Holdings; it filed a prepackaged bankruptcy plan with new lenders in August to significantly cut its $2.2 billion debt. Hamstrung by the economy, RDA cut staff, rate base and moved its HQ to Manhattan.