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Atkins Nutritionals Inc., the company that promoted low-carb eating into a national diet craze, filed for bankruptcy

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By: Sean Moloughney

Editor, Nutraceuticals World

Atkins Nutritionals Inc., the company that promoted low-carb eating into a national diet craze, filed for bankruptcy court protection…Atkins has been hurt by waning popularity of its namesake diet…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. 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 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, N.Y.-based company will focus on its nutrition bars and shakes, Rodriguez said in a statement.

—Associated Press, 8/1/05

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