Reader's Digest Sheds UK Unit To Hasten Ch. 11 Exit

Law360, New York (February 17, 2010, 5:12 PM EST) -- The Reader's Digest Association Inc. will be able to proceed with its emergence from Chapter 11 now that it has agreed to cut its U.K. unit loose by placing it into insolvency proceedings.

Reader's Digest decided to stave off its exit from bankruptcy earlier in February after receiving notice that the U.K. Pensions Regulator had refused to sign off on an agreement that would have kept RDA U.K. afloat.

The U.S. Bankruptcy Court for the Southern District of New York in January authorized Reader's Digest to...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.