Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Sherman A1

(38,958 posts)
Mon Dec 2, 2019, 05:37 PM Dec 2019

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

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.

2 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Acosta says consumer behavior, industry trends led to Chapter 11 bankruptcy (Original Post) Sherman A1 Dec 2019 OP
Owned by Mittens' own Carlyle Group. Sorry for the employees but this is greed, not 'consumer CurtEastPoint Dec 2019 #1
Correct Sherman A1 Dec 2019 #2

CurtEastPoint

(18,775 posts)
1. Owned by Mittens' own Carlyle Group. Sorry for the employees but this is greed, not 'consumer
Mon Dec 2, 2019, 06:48 PM
Dec 2019

behavior or industry trends.'

Sherman A1

(38,958 posts)
2. Correct
Mon Dec 2, 2019, 06:50 PM
Dec 2019

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.

Latest Discussions»Issue Forums»Economy»Acosta says consumer beha...