J P MORGA

BOOKS

Reader's Digest gets OK to tap into $150 mn loan

August 26, 2009, 2:08 pm | Reuters BOOKS

New York: The bankrupt publisher of Reader's Digest won court approval on Tuesday to access some of the $150 million in funding it has lined up to continue operating while it reorganises. Reader's Digest Association Inc was allowed by Judge Robert Drain of federal bankruptcy court in Manhattan to tap into a first tranche of $100 million from the debtor-in-possession loan, which is being provided by lenders led by JPMorgan Chase & Co. It will have to ask the court for permission to gain access to the rest of the funds. Reader's Digest filed for a prepackaged bankruptcy on Monday. At a hearing before Drain, a lawyer for Reader's Digest argued that the publisher needs the money

WORLD

Reader's Digest gets OK to tap into $150 mn loan

August 26, 2009, 2:08 pm | Reuters WORLD

New York: The bankrupt publisher of Reader's Digest won court approval on Tuesday to access some of the $150 million in funding it has lined up to continue operating while it reorganises. Reader's Digest Association Inc was allowed by Judge Robert Drain of federal bankruptcy court in Manhattan to tap into a first tranche of $100 million from the debtor-in-possession loan, which is being provided by lenders led by JPMorgan Chase & Co. It will have to ask the court for permission to gain access to the rest of the funds. Reader's Digest filed for a prepackaged bankruptcy on Monday. At a hearing before Drain, a lawyer for Reader's Digest argued that the publisher needs the money

BUSINESS

Reader's Digest gets OK to tap into $150 mn loan

August 26, 2009, 2:08 pm | Reuters BUSINESS

New York: The bankrupt publisher of Reader's Digest won court approval on Tuesday to access some of the $150 million in funding it has lined up to continue operating while it reorganises. Reader's Digest Association Inc was allowed by Judge Robert Drain of federal bankruptcy court in Manhattan to tap into a first tranche of $100 million from the debtor-in-possession loan, which is being provided by lenders led by JPMorgan Chase & Co. It will have to ask the court for permission to gain access to the rest of the funds. Reader's Digest filed for a prepackaged bankruptcy on Monday. At a hearing before Drain, a lawyer for Reader's Digest argued that the publisher needs the money

BUSINESS

JP Morgan reports fourth Quarter net income of $702 mln

January 15, 2009, 8:22 pm | CNN-IBN BUSINESS

New Delhi: The credit crisis and economic slowdown continues to affect the financial markets. The profits of JPMorgan Chase's America's second largest bank by assets fell by a ghastly 76 percent. JP Morgan Chase reported fourth Quarter net income of $702 mln, or 7 cents a share, compared to $2.97 bln, or 86 cents a year ago. Analysts say that bank is in a better position to weather financial crisis. Despite $20.5 bln of write-downs, losses and credit provisions through the third quarter