NEW YORK (AP) - The parent company of Reader's Digest has filed for Chapter 11 bankruptcy protection for the second time in less than four years, saying it needs to cut its debt so it can keep restructuring.
RDA Holding Co. says it will keep publishing during the bankruptcy. It is aiming to be out of Chapter 11 within six months.
The New York company said late Sunday that it plans to cut its debt load by 80% during the restructuring, leaving it with about $100 million in debt.
RDA's Reader's Digest Association Inc. filed for Chapter 11 protection in 2009 in the midst of a recession and a drop in advertising and circulation. The company emerged from bankruptcy in early 2010.
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Thursday, June 20 2013 6:10 AM EDT2013-06-20 10:10:08 GMT
The driver of the vehicle that left several people injured and a trail of destruction in the area of 2nd Avenue and East 4th Street in the East Village has been arrested.
The driver of the vehicle that left several people injured and a trail of destruction in the area of 2nd Avenue and East 4th Street in the East Village has been arrested.
Wednesday, June 19 2013 6:51 PM EDT2013-06-19 22:51:22 GMT
Franklin Reyes, 17, was in court Wednesday. He is charged with the death of 4-year-old Ariel Russo.
Franklin Reyes, 17, was in court Wednesday. He is charged with the death of 4-year-old Ariel Russo. He is accused of driving without a license, then fleeing police, jumping a curb, and hitting Ariel and her grandmother as they were walking to school.
Wednesday, June 19 2013 11:13 AM EDT2013-06-19 15:13:37 GMT
A father and son who admitted they were pimps have been acquitted in New York of sex trafficking after several prostitutes testified they were treated well.
A father and son who admitted they were pimps have been acquitted in New York of sex trafficking after several prostitutes testified they were treated well.
Wednesday, June 19 2013 7:07 AM EDT2013-06-19 11:07:13 GMT
Photo courtesy of @N42_21_W71_04)
Riders should anticipate some changes but "near normal" service on the Long Island Rail Road for the morning rush.
Riders should anticipate some changes but "near normal" service on the Long Island Rail Road for the morning rush. Crews have been working to repair tracks and switches after Monday's derailment.
Wednesday, June 19 2013 6:07 AM EDT2013-06-19 10:07:22 GMT
NYC
Nearly 3 million New Yorkers' homes are now in evacuation zones that cover more than a third of the city's population, under new maps released Tuesday.
Nearly 3 million New Yorkers' homes are now in evacuation zones that cover more than a third of the city's population, under new maps released Tuesday.In the wake of Superstorm Sandy, officials said last month, the number of zones would double and encompass about 600,000 more residents.
Tuesday, June 18 2013 8:34 PM EDT2013-06-19 00:34:07 GMT
It's a sight that can trigger dread. The low-battery message appears on your cell phone when there's no charger around.
It's a sight that can trigger dread. The low-battery message appears on your cell phone when there's no charger around. Now New York City has teamed up with AT&T to install 25 solar powered charging stations over the summer.
Tuesday, June 18 2013 4:55 PM EDT2013-06-18 20:55:38 GMT
A man accused of fatally shooting a gay man walking with a companion in New York City's Greenwich Village pleaded not guilty.
A man accused of fatally shooting a gay man walking with a companion in New York City's Greenwich Village afterward claimed that he opened fire because the victim "thought he was tough in front of his bitch," prosecutors said in court papers Tuesday.
