Reader's Digest Gets DIP Loan Nod, Submits Ch. 11 Plan

Law360, New York (March 22, 2013, 4:50 PM ET) -- Reader’s Digest Association Inc.’s publisher on Thursday submitted in New York bankruptcy court a reorganization plan that will convert about $475 million in debt into equity, shortly after it received a judge's go-ahead for a $105 million loan.

The plan and accompanying disclosure statement for creditors came a month after the company filed for Chapter 11 protection. Meanwhile, U.S. Bankruptcy Judge Robert D. Drain approved RDA Holdings Co.’s request for a $105 million loan issued by a cohort of private equity groups and arranged by Wells...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required