Acosta Ruling Brings it Closer to Bankruptcy Exit in Two Weeks

Acosta Inc. receives court permission to access its debtor-in possession financing and pay fees as it aims to emerge from bankruptcy in as little as two weeks.

• The pre-packaged restructuring plan is entered on a consensual basis, and is accepted by all parties, Josh Sussberg of law firm Kirkland & Ellis tells Judge Christopher Sontchi at Acosta’s first-day hearing in bankruptcy court in Wilmington, Delaware
  • Asks judge to approve and confirm the plan as “quickly as possible” to avoid further disruption to the business
  • “This is a fragile business, and clients have the ability to use competitors to weather the...