Reader’s Digest magazine, filed for bankruptcy

RDA Holding Co., publisher of the 91-year-old Reader’s Digest magazine, filed for bankruptcy to cut $465 million in debt . The company recently sought court protection from creditors.

Reader’s Digest, founded by DeWitt and Lila Wallace, went public in 1990. An investor group led by private-equity firm Ripplewood Holdings LLC bought it in 2007 for $1.6 billion and the assumption of about $800 million in debt.

More recent other companies

Hostess Brands Inc., maker of Twinkies and Wonder Bread

Eastman Kodak Co., inventor of Kodachrome and the Instamatic camera have also been in trouble in these tough times.

The company had filed for bankruptcy for the first time in August 2009 due to a a drop in advertising.

RDA Holding Co. listed assets and debt of more than $1 billion each in Chapter 11 documents filed Feb. 17 in U.S. Bankruptcy Court in White Plains, New York.

US bankruptcy courts

Most cases are filed under the three main chapters of the Bankruptcy Code – Chapter 7, Chapter 11, and Chapter 13. Federal courts have exclusive jurisdiction over bankruptcy cases. This means that a bankruptcy case cannot be filed in a state court. More on bankruptcy cases

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