Reader's Digest Wins Approval Of $555M Note Issue

Law360, New York (January 26, 2010, 2:20 PM EST) -- A bankruptcy judge has signed off on The Reader's Digest Association Inc.’s proposal to refinance about $555 million in debt using a note offering, potentially allowing the company access to better borrowing terms as it emerges from Chapter 11 protection.

Judge Robert D. Drain issued a ruling on Monday in the U.S. Bankruptcy Court for the Southern District of New York approving the publishing company’s request to issue the notes and conduct an offering in conjunction with J.P. Morgan Securities Inc., Goldman Sachs & Co. and...
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