Acosta Inc., the marketing firm owned by Carlyle Group LP, has gone bankrupt after big consumer-product firms decided to do more of the work themselves to keep up with changing consumer tastes, Bloomberg News reported. The company filed for chapter 11 protection in Wilmington, Del., with support from creditors on a plan that would hand them ownership of a reorganized company and slash $3 billion of long-term debt. Creditors including Elliott Management Corp., Oaktree Capital Management, Davidson Kempner Capital Management and Nexus Capital Management agreed to the deal, interim Chief Financial Officer Matthew Laurie said in a court declaration. Acosta had skipped an Oct. 1 bond interest payment and previously said that it was working on a plan to hand control over to creditors. The deal provides $325 million in new capital and preserves about 30,000 jobs, Laurie said. Acosta said it has commitments from lenders for a $150 million loan to keep the company operating during the reorganization.
