Reader's Digest Can Start Collecting Votes For Ch. 11 Plan

Law360, New York (April 30, 2013, 6:58 PM EDT) -- Reader’s Digest Association Inc.’s publisher on Tuesday received a New York bankruptcy judge’s approval of its disclosure statement, allowing the company to begin soliciting creditor votes for its Chapter 11 exit plan.

The plan calls for RDA Holdings Co., which entered bankruptcy in February for the second time, to be turned over to bondholders’ control upon its emergence from the Chapter 11 proceedings. The plan calls for the conversion of $231 million in senior noteholder claims to new equity and another $244.9 million to general unsecured...
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