Administrator Seeks Bids For Reader's Digest UK

Law360, New York (March 5, 2010, 1:21 PM EST) -- The administrator overseeing the insolvency proceedings for The Reader's Digest Association Inc.'s U.K. unit, which the company decided to cut loose to hasten its own exit from bankruptcy, said Friday that the firm has solicited offers from 25 potential buyers.

Phillip Sykes, head of corporate advisory services at Moore Stephens, the joint administrator for RDA U.K., said the firm has received nearly 100 expressions of interest in purchasing the business.

According to Sykes, about 30 percent of the approaches came from potential purchasers “with a clear...
To view the full article, register now.