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Article: Reader's Digest Association Files for Voluntary Pre-Arranged Chapter 11 as Part of Previously Announced Restructuring Plan.
- Article from:
- PR Newswire
- Article date:
- August 24, 2009
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RDA's Non-U.S. Operations are not Part of Filing Company Secures $150 Million New Money DIP Financing Facility That is Convertible to Exit Financing upon Emergence
PLEASANTVILLE, N.Y., Aug. 24 /PRNewswire/ -- The Reader's Digest Association, Inc. (RDA), a global multi-brand media and marketing company, today announced it has filed voluntary pre-arranged petitions under Chapter 11 of the United State Bankruptcy Code, as part of the company's previously announced restructuring plan. Prior to the filing, more than 80 percent of the company's senior secured lenders had signed on to the agreement in principle. The filing applies only to the RDA's U.S. businesses -- ...