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Bogged down by some $465 million in debt, Reader's Digest publisher RDA Holdings has filed for bankruptcy—again. Last night's Chapter 11 filing was the publisher's second in 3 ½ years, the Wall Street Journal reports. The company says this second bankruptcy will only make it stronger, allowing it to focus on its North American business and cut its debt to $100 million. "It’s a very good new lease on life," CEO Bob Guth tells Bloomberg.

Guth is the company's third CEO since its last bankruptcy, which, of course, was also supposed to give it a new lease on life; the bankruptcy judge at the time declared that the company would emerge "on a very healthy and viable basis." Instead, the pressures facing the print industry have weighed on the company—its most recent earnings showed revenue down 26% on the year. (Read more Reader's Digest stories.)