Women’s Wear Daily
04.19.2014
fashion-memopad
fashion-memopad

Memo Pad: A Down Tempo 'Project Runway'... Reader's Digest in Trouble...

Flamboyant contestants and celebrity guest judges have added flair to past “Project Runway” finale shows at Bryant Park...

fashion-memopad/news


RDA DOWNGRADED AGAIN: Reader’s Digest Association fell several notches further into junk territory on Friday, when Moody’s Investors Service downgraded the company’s probability of default rating three notches to Caa3, from B3. The company’s senior subordinated note rating also fell to Ca from Caa2 and its senior secured credit rating dropped three notches to Caa2 from B2. Moody’s said $2.1 billion in debt is affected, noting “earnings erosion and covenant step downs” in June 2009 and June 2010 create a high probability of a restructuring to occur within the next 12 to 18 months. — Amy Wicks

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