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Reader's Digest Parent Files for Chapter 11

February 22, 2013
NEW YORK—The parent company of iconic magazine Reader's Digest—RDA Holding Co.—filed for bankruptcy Monday as part of an effort to reduce $465 million in debt. The magazine also entered bankruptcy protection in 2009 (under Reader's Digest Holdings) and emerged a year later after being taken over by lenders.

RDA Holding plans to exit Chapter 11 with $100 million of debt, or 20 percent of its current debt load. Robert Guth, CEO of RDA Holding, noted in a statement that he believes the move will enable the publication to transform its business. The company expects the bankruptcy proceedings to be finalized in less than six months, and does not anticipate any disruptions in its publishing cycles.

Reader's Digest, which has been published for more than 90 years, has long been a staple of newsstands and doctor's office waiting rooms, but has struggled with declining readership.
 

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