Bankruptcy judge approves $105 million financing for Reader’s Digest
03/25/2013 // West Palm Beach , Florida, US // JusticeNewsFlash // Justice News Flash // (press release)
New York – A bankruptcy judge has approved that a loan of $105 million can be obtained by the parent company of Reader’s Digest. As reported by the Associated Press (AP), the company, RDA Holding Co., stated Monday that it was granted final court approval to borrow the funds, which will help support it during its restructuring process.
U.S. Bankruptcy Judge Robert Drain is also stated to have approved additional motions such as one for paying employees and freelancers.
The company made a bankruptcy protection filing in February, the second for RDA, which filed in 2009 for Chapter 11 bankruptcy protection.
Reader’s Digest is purportedly the fifth largest consumer magazine in the U.S. by circulation.
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