The Reader’s Digest Association announced yesterday that it had “sucessfully completed its financial restructuring” and has “emerged” from bankruptcy protection, which it filed for under Chapter 11 in August last year.
The publisher of the Reader’s Digest titles has reduced its debt by 75 per cent, the release says.
The publisher’s UK title filed for administration last week, but RDA said it did not expect the UK administration to have a material impact on its financial performance as the UK business has been operating with a negative free cash flow.