Education Matters: Gary Chartrand's company going bankrupt raises some troubling questions

Education Matters: Gary Chartrand's company going bankrupt raises some troubling questions

Gary Chartrand's company going bankrupt raises some troubling questions

From the Jax Daily Record

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.

https://www.jaxdailyrecord.com/article/jacksonville-based-acosta-to-file-prepackaged-chapter-11-bankruptcy-reorganization-plan?

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 CONTINUE READING: Education Matters: Gary Chartrand's company going bankrupt raises some troubling questions