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Saulbadguy
08-01-2005, 12:21 PM
http://www.cnn.com/2005/US/07/31/atkins.bankruptcy.ap/index.html

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

Monday, August 1, 2005; Posted: 7:57 a.m. EDT (11:57 GMT)


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.
chagrin
08-01-2005, 12:32 PM
And now for the bad jokes:

Looks like their profit margin is 'too thin'

The companies chances for recovery are 'slim'

I heard Dr. Atkins fell flat on his face when he heard the fiscal reports in 2003 and forecasts for the coming years


Sorry
HemiEd
08-01-2005, 01:27 PM
they have needed to lean there operation down for some time.
laser1972
08-01-2005, 02:46 PM
I guess the Atkins diet didnt include bread....
buddha
08-01-2005, 02:50 PM
God bless CARBS!!!!
Braincase
08-01-2005, 02:58 PM
God bless CARBS!!!!

You have no idea the irony of that post coming from "buddha".

BC - No carbs, down 26 lbs since the beginning of June.
gblowfish
08-01-2005, 03:01 PM
This story makes me want to stick my finger down my throat and do the big spit!

Hey....maybe I've discovered a new branding strategy...
HemiEd
08-01-2005, 03:01 PM
You have no idea the irony of that post coming from "buddha".

BC - No carbs, down 26 lbs since the beginning of June.


Eh, I don't think "no carbs" is good for you. Have some taters.
buddha
08-01-2005, 03:46 PM
Buddha doesn't imply anything about my weight, btw. I'll go toe to toe with anybody about their knowledge of the glycemic index! :)

And I really have no interest getting into a discussion about the glory of the Atkins diet.

Most doctors will tell you that a balanced diet and EXERCISE are the key to good health. People who sit around chomping on bacon thinking that it's healthy and lentils are bad for you are sadly mistaken.
whoman69
08-01-2005, 04:50 PM
I have to wonder how someone that doesn't eat carbs gets any fiber in their diet. I would think that nobody on this diet could even take a crap from eating so much meat and cheese with no bread or fruits to allow them to go thru their system. Perhaps the colon blockage made them all think they were full and not needing to eat anymore.
Pants
08-01-2005, 04:52 PM
You have no idea the irony of that post coming from "buddha".

BC - No carbs, down 26 lbs since the beginning of June.

Where do you get your energy?
Deberg_1990
08-01-2005, 04:57 PM
Atkins is for lazy people who dont want to lose weight through a healthy, balance diet and EXERCISE! Most people who try it lose weight fast, but then put it back on eventually.
Saulbadguy
08-01-2005, 05:00 PM
Where do you get your energy?
I can't speak for BC personally, but when you are restricting your carbohydrate intake, you can burn FAT for energy. You also do intake carbs - in the forms of non-starchy vegetables. Basically any veggie except corn and carrots. When you reach the later stages of the diet (past 2 weeks), you intake more carbs.
Saulbadguy
08-01-2005, 05:03 PM
Atkins is for lazy people who dont want to lose weight through a healthy, balance diet and EXERCISE! Most people who try it lose weight fast, but then put it back on eventually.
That is not true at all, but I assume you, like many others, have tons quite a few misconceptions about the diet. That includes many people who actually think they are "doing Atkins." It REQUIRES you exercise. I haven't seen any diet that works NOT require exercise.

Atkins also encourages a balanced diet that eventually includes whole grains, fruits and vegetables, and proteins in just about any form.

Atkins is not, I repeat, is NOT, "eat a pound of bacon, a couple of double cheeseburgers for lunch without the bun, and a couple steaks for dinner." People sometimes try to do that, and fail.
Saulbadguy
08-01-2005, 05:04 PM
I have to wonder how someone that doesn't eat carbs gets any fiber in their diet. I would think that nobody on this diet could even take a crap from eating so much meat and cheese with no bread or fruits to allow them to go thru their system. Perhaps the colon blockage made them all think they were full and not needing to eat anymore.
Fiber is a non-digestible carbohydrate, and thus does not affect blood sugar. You can intake as much fiber as you want on the Atkins diet. Yet another misconception about the diet.
Saulbadguy
08-01-2005, 05:06 PM
Buddha doesn't imply anything about my weight, btw. I'll go toe to toe with anybody about their knowledge of the glycemic index! :)

And I really have no interest getting into a discussion about the glory of the Atkins diet.

Most doctors will tell you that a balanced diet and EXERCISE are the key to good health. People who sit around chomping on bacon thinking that it's healthy and lentils are bad for you are sadly mistaken.
The GI is probably the most effective tool when eating healthy.

Eat a banana, get a fructose induced sugar rush, get hungry faster.

Eat a handful of berries, not as much sugar, more fiber, fill you up more, and doesn't affect your blood sugar as much.
Taco John
08-01-2005, 05:25 PM
That is not true at all, but I assume you, like many others, have tons quite a few misconceptions about the diet. That includes many people who actually think they are "doing Atkins." It REQUIRES you exercise. I haven't seen any diet that works NOT require exercise.



That's not true at all, but I assume you, like many others, have tons quite a few misconceptions about the See Food Diet.
Saulbadguy
08-01-2005, 05:27 PM
That's not true at all, but I assume you, like many others, have tons quite a few misconceptions about the See Food Diet.
Which part of my statement wasn't true, Taco "The Truth" John? :)