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Reader's Digest parent seeks bankruptcy protection Reader's Digest parent seeks bankruptcy protection
(7 months later)
The owner of Reader's Digest magazine has filed for bankruptcy for the second time in less than four years after running into cash flow problems.The owner of Reader's Digest magazine has filed for bankruptcy for the second time in less than four years after running into cash flow problems.
RDA Holdings, along with more than two dozen affiliates, filed for a Chapter 11 bankruptcy in New York in order to try to reduce its $534m (£344.8m) debt load.RDA Holdings, along with more than two dozen affiliates, filed for a Chapter 11 bankruptcy in New York in order to try to reduce its $534m (£344.8m) debt load.
According to bankruptcy documents, RDA is claiming to have more than $1.1bn in assets and about $1.2bn in liabilities. It publishes 75 magazines across the world.According to bankruptcy documents, RDA is claiming to have more than $1.1bn in assets and about $1.2bn in liabilities. It publishes 75 magazines across the world.
RDA's chief executive, Bob Guth, said: "The Chapter 11 process, which will facilitate a significant debt reduction, will enable us to continue to redefine our business by focusing our resources on our strong north America publishing brands, which have shown a new vitality."RDA's chief executive, Bob Guth, said: "The Chapter 11 process, which will facilitate a significant debt reduction, will enable us to continue to redefine our business by focusing our resources on our strong north America publishing brands, which have shown a new vitality."
Guth is the company's third CEO since the company emerged from its previous bankruptcy in 2009.Guth is the company's third CEO since the company emerged from its previous bankruptcy in 2009.
According to the Financial Times, a Fitch ratings report last August named RDA as being among 31 US companies that had previously defaulted and were at a risk of another as they struggled to resolve operating cost issues and reduce their debt load.According to the Financial Times, a Fitch ratings report last August named RDA as being among 31 US companies that had previously defaulted and were at a risk of another as they struggled to resolve operating cost issues and reduce their debt load.
Reader's Digest was founded in 1922 by DeWitt and Lila Bell Wallace. By the early 1960s it had a global circulation of 23 million an issue with 40 international editions.Reader's Digest was founded in 1922 by DeWitt and Lila Bell Wallace. By the early 1960s it had a global circulation of 23 million an issue with 40 international editions.
Sources: Reuters/FTSources: Reuters/FT
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