Jacksonville-based Acosta Inc. announced Friday it will file a prepackaged Chapter 11 bankruptcy reorganization plan, with a majority of creditors in agreement.
The sales and marketing company said the plan will be filed “in the coming weeks.” The plan provides for vendors to be paid in full during the Chapter 11 process and for all employees to receive their usual compensation.
Pickett, a 28-year veteran of the company, was promoted to chief executive officer in July.“This process will enable us to continue to operate our business without disruption to clients, customers, employees, and business partners,” CEO Darian Pickett said in a news release.
The plan will eliminate $3 billion in debt by converting it into equity, and investors have committed $250 million in new equity capital.
Here are some facts, the KIPP school owes Chartrand three million dollars and they recently changed their structure so they can use capital funds to pay lease payments. Chartrand led the fight against the tax referendum, so charters could get millions more in capital funds. Chartrand’s company is filing for bankruptcy.
I am not saying Chartrand looted the company to pay for his far right anti-public education agenda, but wouldn’t you like to see the books?
Some people like Chartrand, they say he gives to a lot of good causes but you will forgive me if I think him over charging customers, under paying employees and running his company into the ground makes for a poor resume, let alone him using all that money to push policies that hurt children, teachers and schools.
He is the villain of the story.