Bank Repossession

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 bankr...

Eastman had made photography popular in the United States in 1888 with the slogan "you press the button, we do the rest" . In 1900, his 'Brownie' camera made it really affordable. Australia Kodak Limited , a joint venture with the two Australians, later became Kodak (Australasia) Ltd . It was an early expression of the Australian love of new technology.   The Chapter 11 filing could come as soon as this month or early February, the newspaper said.     Despite having made Huge sacrifices to make the company “competitive” and profitable, 600 production workers will be shunted out of their jobs in November. More jobs will go when the company’s wholesale photo processing lab shuts on October 22, with services being outsourced to another company.   The closure of the Coburg plant concludes almost two decades of ruthless restructuring, during which both management and the unions assured workers that if they allowed downsizing and cuts to...