Reader's Digest Creditors Want Part Of $5.8M Euro Sale
By Maria Chutchian
Law360, New York (April 10, 2013, 8:33 PM ET) -- Reader’s Digest Association Inc.’s bankrupt parent’s unsecured creditors on Monday asked a New York bankruptcy judge to set aside 35 percent of the $5.8 million it expects from selling three European units, saying the cash could serve as a source of recovery for them.
The proposed sale includes the transfer of RDA Holdings Co.’s equity interest in its French, Swedish and Finnish affiliates, 35 percent of which is unencumbered, the official committee of unsecured creditors said in a court filing. The committee asks that 35 percent...