Acosta and its U.S. affiliates on December 1 filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware.
We took this action to implement the comprehensive reorganization and recapitalization that we announced on November 8, 2019. We are pleased to have received overwhelming support from our creditors for our plan.
With this necessary support secured, we expect to complete the Chapter 11 process quickly. Once we do, we will have an enhanced ability to make critical investments in our business and drive sales and market penetration for our clients and customers.