Skip to main content

Another Bankruptcy - Readers digest shuts down

Readers digest file for bankruptcy

The Classic old magazine is preparing to file a pre-arranged bankruptcy in the United States, where it has prospered for years under slogans such as "America in your pocket".

The Reader's Digest, cosy standby of nervous patients in a thousand waiting rooms full of "how to" tips and jokes safe enough to tell grandmother, has become the latest victim of the recession and the internet's effect on paper publishing.

A with every bankruptcy . the readers digest bankruptcy will also affect other companies

Indian outsourcer HCL Technologies said on Tuesday that its US$350 million outsourcing contract with media company Reader's Digest Association will be unaffected by the U.S. company's financial problems.Readers-Digest shuts down

Reader's Digest plan of agreement for bankruptcy

Until recently its prosperity appeared to know no bounds; it published 50 global editions in 21 languages, but its move to seek Chapter 11 bankruptcy protection, which does not affect international editions including the British one, is a pre-emptive device aimed at freeing the company of debts to allow it to trade back to happier balance books.

The company was yesterday forced to agree a plan with its lenders that will see its ownership change hands and reduce its onerous debt level to $550m (£336m).

While the readers digest  magazine still has one of the largest circulations in the US, it would appear that the same issues that have recently sunk other print publications – like Vibe and The Seattle Post-Intelligencer – are in play here, with ongoing attempts to improve revenue and cut costs ultimately not going far enough to save the company from bankruptcy.

Australian Readers Digest Website :

:http://www.readersdigest.com.au/

Comments

Popular posts from this blog

How to get a cheap Bank repossession properties ?

It would appear that repossesions are a good way to get a property under current market value, however how would you find out about them ?
Is this information available to all of us ? Is the purchase any different because it's a repo ie are lenders a bit more wary ?Solutions :If it property is being reposessed the seller (mortgage company) also considers the speed of sale - if they "could" get a higher price with another buyer they will also consider how quickly the sale could go through.
Therefore some latitude is given to agents in what offer is accepted (eg an agent can say that buyer "x" is well known to them and can proceed quickly. Buyer "b" offered 10k more but is an unknown quantity.Bank Repossesion Houses List DatabaseThese days repo's don't really go much cheaper we had one only 3 months ago and it went well over asking price. If you were to ask an agent to give you a call when one is available its very rare they would but some mig…

Boat and House repossessed by Recievers Kordamentha for saville group MD Sam Cheir

KordaMentha as the receiver of the failed Saville Property Group is divesting both the company's assets and those owned personally by principal and MD Sam Cheir.
Property developer Saville Australia has become the latest casualty of the global credit squeeze, with managing director and owner Sam Cheir losing the company’s final asset, its CBD headquarters, and his own home and luxury boat to the banks.
A luxury yacht of his has been repossessedRepossessed Luxury BoatsThe luxury 25-metre cruiser, a Sunseeker Predator 82 for which he is believed to have paid about $7 million several years ago, has been repossessed by a finance company and is also up for sale

The various projects of the Saville Australia property development arm are being sold off, along with its headquarters
Repossessed HomeA debt to Bank of Queensland will be paid after the record-breaking sale for the residential property market in Perth of Cheir's home for $A8.5mMr Cheir’s repossessed Georgian-style Peppermint …

Bank Mortgage Repo sales

What is Repo sales?Repo sales is a slang used around the internet and sometimes even  among real estate agents for  houses or assets repossessed by the banks or  other financial institutions.Most of the time it is Houses repossession or repo done by the bank. These sort of houses that get  taken over by the bank due to default in payments  and other financial difficulties borne by the person who took the loan are called repo houses . These houses either go under the hammer at some auction or then  is given to real estate agents to get rid off in the market.Bank mortgages often go into default  due to various reasons and the bank at this part of time  repossesses the house  and puts it back into the marketIf you are examining repossession properties for sale in Australia do so with caution and do so carefully.  There are many bargains to be bagged, but ensure that you are buying through a reputable auction house and that if you are unsure of anything at any step of the way, seek profes…