Bankruptcy news of the day!

An article from Bloomberg.com.

Today, RDA Holding Co., publisher of Reader’s Digest magazine, has filed for bankruptcy. They are attempting to cut $465 million in debt, primarily incurred from the ever-growing number of consumers shifting from print to electronic media.

RDA is working to reduce their debt by approximately 80% once it exits Chapter 11.

 

Credit to original article: http://bloom.bg/YrU2oQ