Acosta says consumer behavior, industry trends led to Chapter 11 bankruptcy

[Sherman A1]

https://www.jaxdailyrecord.com/article/acosta-says-consumer-behavior-industry-trends-led-to-chapter-11-bankruptcy

Acosta Inc. and affiliated companies filed their prepackaged Chapter 11 bankruptcy petitions Sunday, saying in court documents changes in consumer behavior and industry trends have hurt its business in recent years.

The Jacksonville-based sales and marketing company announced last month it would file a prepackaged reorganization plan to convert about $3 billion of debt to equity, with the approval of a majority of its creditors.

Acosta filed its petitions in U.S. Bankruptcy Court for the District of Delaware.

The court documents do not give specific financial details for Acosta but its disclosure statement said the company has lost $631 million in revenue since 2015, without giving a figure for total revenue. Florida Trend magazine estimated Acosta’s 2018 revenue at $2.3 billion.

[CurtEastPoint]

1. Owned by Mittens' own Carlyle Group. Sorry for the employees but this is greed, not 'consumer

behavior or industry trends.'

[Sherman A1]

2. Correct

From my read, it looks like they are trying to dump some old debt, but in doing so will turn themselves over to their creditors. I know a guy that works for Acosta and I suggested he start looking.