Washington DC Bankruptcy Lawyer: Reader’s Digest Files for Bankruptcy

RDA Holding Co., which publishes Reader’s Digest, has filed for Chapter 11 bankruptcy.

It is the second bankruptcy filing in four years for the publisher, which listed more than $1.1 billion in assets and about $1.2 billion in liabilities on its bankruptcy petition, filed last week in the U.S. Bankruptcy Court in White Plains, N.Y.

“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 as a result of our transformation efforts, particularly in the digital arena,” Chief Executive Bob Guth said in a statement following the filing.

RDA is based in New York with operations in 41 other countries, prints 75 magazines, including 49 different versions of its namesake publication.

Much like a Chapter 11 bankruptcy, Chapter 13 and Chapter 7 bankruptcies can help people stop collections and foreclosures, and restructure debt due to the automatic stay that goes into effect during a case.

If your financial situation is a problem, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.

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