Tuesday, February 23, 2010
Reader’s Digest Out from Chapter 11
The Reader’s Digest Association has officially emerged from Chapter 11 protection. As part of its restructuring, the publisher reduced its debt by 75% (from $2.2 billion to $525 million). Holders of senior secured debt transferred ownership of Reader's Digest to the lender group and will effectively receive equity.
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1 comment:
How could a household publication, with years and years of historical strength ever get themselves onto this position?
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