Reader's Digest to file for Chapter 11

[dolfan]

Reader's Digest is filing for Chapter 11 reorganization bankruptcy in a deal to cut its $2.2 billion in debt to $550 million in exchange for transferring ownership interest in the company to its creditors. It will allow RD to remain viable, but the creditors will have content input in the long run. Reader's Digest has always been one of my favorite publications and I hate to see this happen. My mother subscribed for years and years, off and on but mostly on, from the late 1970's up until about a year before she died in 2004. I can't think of RD without thinking of her. I hope it keeps to its tried and true approach to condensing good articles down, having a more wholesome approach than many magazines, and keeping its humor sections in place that have long been its staple.

In high school, our school newspaper was called the Raider's Digest (our HS mascot: an Indian, the team called Red Raiders). I was the editor and that's where I met my wife.

Hope RD makes it but keeps its identity.