Jacksonville, Fla. (December 16, 2019) — Acosta, Inc. (“Acosta” or the “Company”), a full-service sales and marketing agency, today announced that it has received Court approval of its pre-packaged Chapter 11 Plan of Reorganization (the “Plan”) and expects to successfully emerge from Chapter 11 in the coming days. Upon emergence from Chapter 11, Acosta will have significantly improved its financial position, eliminating all of its approximately $3 billion of long-term debt and giving the Company an enhanced ability to continue making critical investments in its business and driving sales and market penetration for clients and customers.
Kirkland & Ellis LLP is acting as legal counsel for the Company, PJT Partners, Inc. as financial advisor, and Alvarez & Marsal as restructuring advisor. White & Case LLP is acting as legal counsel for certain supporting creditors. Sullivan & Cromwell LLP is acting as legal counsel for certain other supporting creditors. Arnold & Porter Kaye Scholer LLP is acting as legal counsel for a minority group of first lien lenders. Davis Polk & Wardwell LLP is acting as legal counsel for an ad hoc group of lenders and Centerview Partners is acting as financial advisor.
Acosta is the sales and marketing powerhouse behind most of the trusted brands seen in stores every day. The company provides a range of outsourced sales, marketing and retail merchandising services throughout the U.S., Canada and Europe. For 90 years, Acosta has led the industry in helping consumer packaged goods companies move products off shelves and into shoppers’ baskets. For more information, please visit www.wycocd.com.
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Acosta cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: negotiations with third parties; regulatory and other approvals; adverse changes in the markets in which Acosta operates or credit or capital markets; and actions by lenders, other creditors, clients, customers and other business counterparties of Acosta. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of Acosta’s management as of the date hereof. Except to the extent required by applicable law, Acosta undertakes no obligation to update or revise any forward-looking statement.
Frances Jeter / Alyssa Lorenzo
Sard Verbinnen & Co
832-680-5120 / 310-201-2040