$150M In Hand, Reader's Digest Set To Turn Page

Law360, New York (October 8, 2009, 2:27 PM EDT) -- The Reader’s Digest Association Inc. has won final access to all the $150 million in financing it arranged with senior lenders to support the publisher during and after its debt restructuring.

On Tuesday, Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York granted the debtor final approval for the use of the debtor-in-possession financing, having already allowed access to a preliminary installment of $100 million in August.

The remaining $50 million will enable RDA to meet is operating expenses...
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