The UK branch of Reader's Digest was rescued from bankruptcy by private equity company Better Capital through a £13 million management buyout, reported Business Week Friday. The move saved 117 jobs, according to The Independent.

"The iconic magazine and prize draw will continue but it should be remembered that these are just a part of a much larger business," said the outlet's Managing Director Chris Spratling. "There are tremendous opportunities for our businesses in financial services, books and health care and significant plans to expand all aspects of the Reader's Digest business in the U.K."

The Telegraph pointed out that Better Capital, owned by tycoon Jon Moulton, wouldn't be dealing with the magazine's £125 million-plus pension fund debt, with Moulton stating that there could not be a "good deal" for that particular fund. Moulton also warned that there may be more financial collapses caused by pension funds.

AFP wrote that Reader's Digest UK dates back to 1938 and currently has a circulation of 465,000, compared to 2 million in the 1990's. The U.S. parent title filed for Chapter 11 bankruptcy in August 2009 and surfaced on February 22 after it slicing its debt by 75 percent.