Reader's Digest Ready To Close Book On 2nd Bankruptcy

Law360, New York (June 28, 2013, 5:58 PM EDT) -- The publication whose slogan is “Life well shared” now finds itself shared among bondholders as part of a bankruptcy exit plan, which a New York bankruptcy judge approved Friday, a Reader’s Digest spokesman confirmed.

The Reader's Digest Association Inc. has emerged from its second Chapter 11 bankruptcy in four years, this time in the hands of its bondholders, who forgave $231 in debt in exchange for control of the highest-circulated paid magazine in the world, spokesman David Press said.

U.S. Bankruptcy Judge Robert Drain approved the...
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