Vladimír Urbánek (Kurzy.cz)
World markets  |  February 18, 2013 14:15:24

Publisher iconic magazine Reader's Digest collapses


American Society of RDA Holding, which is the publisher of the iconic magazine Reader's Digest, which first saw the light of day 91 years ago, announced that it is bankrupt due to inability to repay huge debt of approximately 465 mill.USD and asks the court to "pop" protection from creditors to perform the necessary restructuring.

Failing publisher is therefore among other leading global brands, which failed to respond flexibly enough to precipitate technological development and popularly said "behind the curve". A similar fate in the recent past such as Eastman Kodak and Hostess Brands.

Readers's Digest began trading publicly in 1990. In 2007, the publisher for 1.6 mld.USD and $ 800 million in the acceptance of debt acquired by Ripplewood Holdings, which subsequently went bankrupt in 2009.

The current publisher of the application for protection from creditors stating that the company has assets and liabilities in a total volume of about 1 mld.USD. The restructuring plan was drawn up with the bank Wells Fargo also contains the conversion of existing commitments of EUR 465 mill.USD fully in the company's shares. Publisher expects that after a year of restructuring should have company debt at "only" 100 mill.USD.

According to the statistics key publisher Reader's Digest magazine reads around 25 million people. Published in total 79 different titles issued worldwide.
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