Reader's Digest Emerges from Chapter 11 Bankruptcy
San Jose Bankruptcy Attorney comments on Reader's Digest Ch. 11 filing...
San Jose Bankruptcy Attornys have been commenting that Reader's Digest has emerged from it's August 2009 Chapter 11 bankruptcy with $525 Mil in exit financing and a new board of directors according to Reuters.com.
The Reuters article names Fredric Reynolds, former chief financial officer of CBS Corp (CBS.N), as a member of the new board.
President and DEO, Mary Berner, was quoted as stating "Having strengthened our balance sheet and capital structure and having successfully monetized underperforming assets, Reader's Digest is focused on free cash flow and return on investment," with regard to the Chapter 11 filing event.
The company alongwith its exit financing has been given a B1 Corporate Family Rating by Moody's Investors Service assigned, while Standard & Poor's assigned a B rating to the exit financing package.
Reader's Digest, made popular for its waiting room reading material additionally sells approxiamtely 40 million music, video and book products annually and has upwards of 75 branded websites, accordng to the article, so their Chapter 11 bankruptcy filing did not go un-noticed.
Reader's Digest states it has access to an additional $50 million of revolver credit.
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