Reader’s Digest files for Chapter 11 bankruptcy protection, again

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Such a shame! RDA Holding has filed for Chapter 11 bankruptcy protection again — the second time in four years.

A lot of people are being hurt by this turn of events, including printers, employees, contractors, and others who will simply not be paid…

In the first restructuring, the $2.2 billion originally owed was reduced to $525 million. Now, they’re seeking to reduce it to $100 million. To recap: $2.2 billion down to $100 million — a reduction of 95%, or $2.1 billion that won’t be paid to creditors.

Read Folio’s story “Behind RDA’s Chapter 11 Filing” here.