Reader's Digest Judge OKs $6M Sale Of Nordic, French Units

Law360, New York (April 11, 2013, 1:52 PM EDT) -- A New York bankruptcy judge on Thursday signed off on Reader’s Digest Association Inc.’s parent company’s $5.8 million sale of its units in France, Sweden and Finland, but declined to set aside 35 percent of the proceeds for its unsecured creditors.

U.S. Bankruptcy Judge Robert D. Drain’s ruling will allow RDA Holdings Co. to shed three of its underperforming European affiliates. The magazine publisher, now in the midst of its second bankruptcy in four years, has said that it believes regional companies will be more successful...
To view the full article, register now.