Parent company of Reader's Digest files for Chapter 11
The parent company of Reader's Digest has filed for Chapter 11 bankruptcy protection for the second time in less than four years, saying it needs to cut its debt so it can keep restructuring.
The publisher of Reader's Digest, the country's most popular general interest magazine, said today it will file for Chapter 11 protection with a plan to swap a portion of its debt for ownership of the company.