Follow us on...
Follow us on Twitter Follow us on Facebook Watch us on YouTube
Results 1 to 2 of 2
  1. #1
    Atomic Punk
    Join Date
    somewhere over the rainbow
    Last Online

    10.27.16 @ 10:14 AM
    Liked 778 Times in 312 Posts

    Default Low-carb king Atkins files Chapter 11

    another diet fad over.... RIP

    Low-carb king Atkins files Chapter 11
    Company owes $300 million in outstanding principal and interest

    NEW YORK (AP) -- Atkins Nutritionals Inc., the company that promoted low-carb eating into a national diet craze, filed for bankruptcy court protection Sunday, a company spokesman said.

    Atkins has been hurt by waning popularity of its namesake diet, which focuses on eliminating carbohydrates such as bread and pasta to shed weight. The diet became one of the most popular in U.S. history, spawning a virtual cottage industry of low-carb regimens, but also drew criticism from experts for its focus on fatty foods and low fruit and vegetable consumption.

    A hearing on the prearranged, Chapter 11 filing was scheduled for Monday in U.S. Bankruptcy Court, spokesman Richard Rothstein said. The privately held company, founded in 1989 by Dr. Robert C. Atkins, said it had reached an agreement with the majority of its lenders to give them equity in exchange for lowered debt.

    Atkins owes $300 million in outstanding principal and interest, Rothstein said.

    The company said it had received $25 million in financing to operate during the bankruptcy proceedings, which it said would not affect day-to-day operations.

    President and CEO Mark S. Rodriguez said the company has in the past year "adjusted our organization to accommodate a smaller business" and will promote its brands "more broadly for consumers who are concerned about heath and wellness."

    After it leaves bankruptcy, the Ronkonkoma, New York-based company will focus on its nutrition bars and shakes, Rodriguez said in a statement.

    Private equity firm Parthenon Capital LLC acquired a majority stake in Atkins, in October 2003.

    Goldman Sachs Capital Partners owns a smaller stake in the company, as does the estate of Robert Atkins, who died in 2003 from injuries he suffered in a fall.
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  2. #2
    Atomic Punk ZeoBandit's Avatar
    Join Date
    Favorite VH Album

    Favorite VH Song

    Humans Being
    Last Online

    10.27.16 @ 12:18 PM
    Liked 31 Times in 23 Posts



    The Atkins diet sucks. I need my carbs!
    "What we are dealing with here, is a complete lack of respect for the law" - Jackie Gleason, Smokey and the Bandit - The site where you are the search engine.



Similar Threads

  1. Atkins diet
    By Panama Dog in forum VH Fans Meeting Place (Non-Music)
    Replies: 73
    Last Post: 03.23.09, 02:19 PM
  2. Don King files suit against ESPN
    By SuckaInA3Piece in forum Play Ball!
    Replies: 7
    Last Post: 01.27.05, 12:04 PM
  3. The Last Chapter
    By AVH Blues in forum Main VH Discussion
    Replies: 7
    Last Post: 06.25.02, 12:45 PM
  4. Chet Atkins RIP
    By hain23x in forum Guitar Room
    Replies: 10
    Last Post: 07.05.01, 09:22 AM
  5. The Dark Chapter
    By Alchemy in forum VH Fans Meeting Place (Music Only)
    Replies: 1
    Last Post: 09.16.00, 07:55 AM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts