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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Tuesday, May 21 2013 7:23 AM EDT2013-05-21 11:23:53 GMT
The New York jury on which Caroline Kennedy served has acquitted a man of dealing crack cocaine. Kennedy was juror No. 7 at the trial of Harlem resident Nelson Chatman.
The New York jury on which Caroline Kennedy served has acquitted a man of dealing crack cocaine. Kennedy was juror No. 7 at the trial of Harlem resident Nelson Chatman.
Tuesday, May 21 2013 6:51 AM EDT2013-05-21 10:51:26 GMT
The Metropolitan Opera says it's decided to disband its resident ballet company.
The Metropolitan Opera says it's decided to disband its resident ballet company. The American Guild of Musical Artists said the eight remaining dancers of the Metropolitan Opera Ballet have accepted buyout packages.
Monday, May 20 2013 6:05 PM EDT2013-05-20 22:05:22 GMT
A spate of hate-fueled attacks on gay men in New York, including a killing in the heart of one of its most gay-friendly neighborhoods, is stirring up anxiety, disbelief and outrage.
A spate of hate-fueled attacks on gay men in New York, including a killing in the heart of one of its most gay-friendly neighborhoods, is stirring up anxiety, disbelief and outrage.
Sunday, May 19 2013 10:57 PM EDT2013-05-20 02:57:40 GMT
The federal judge presiding over civil rights challenges to the stop-and-frisk practices of the New York Police Department has no doubt where she stands with the government.
The federal judge presiding over civil rights challenges to the stop-and-frisk practices of the New York Police Department has no doubt where she stands with the government.
Friday, May 17 2013 5:54 PM EDT2013-05-17 21:54:45 GMT
The big game will be played in New Jersey but the big party will be in New York City. Organizers call it "Super Bowl Boulevard."
The big game will be played in New Jersey but the big party will be in New York City. Organizers call it "Super Bowl Boulevard": it will stretch from 44th Street on Broadway all the way to 34th Street.
Friday, May 17 2013 8:21 AM EDT2013-05-17 12:21:42 GMT
A new photo exhibit at an art gallery in Chelsea is drawing the ire of residents who are the artist's subjects, unknowingly.
A new photo exhibit at an art gallery in Chelsea is drawing the ire of residents who are the artist's subjects, unknowingly. The artist, Arne Svenson, is reportedly taking the photos through their TriBeCa building windows. In some photos, the residents are bending over, sleeping and cleaning.
