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Thursday, December 19, 2013

Bottle maker Constar files third bankruptcy since 2008, (NYSE: PEP)

A privately held maker of plastic bottles, Constar International Holdings LLC, filed its third bankruptcy in five years on Thursday in a bid to complete the sale of the company.Constar makes plastic food and drink containers at nine plants in the United States and Europe, but has been struggling since losing a contract with PepsiCo Inc at the end of 2012.The company has been working to nail down a sale of its U.S. business to Amcor Rigid Plastics USA Inc for $68.5 million before it runs out of money, according to papers filed in the U.S. Bankruptcy Court in Wilmington, Delaware."Simply stated ... the debtors do not have sufficient cash resources to continue to operate the business," the Philadelphia company said in court documents.

PepsiCo, Inc. (PepsiCo) is a global food and beverage company. Shares of PEP traded higher by 0.08% or $0.065/share to $81.48. In the past year, the shares have traded as low as $67.39 and as high as $87.06. On average, 4719930 shares of PEP exchange hands on a given day and today's volume is recorded at 1493732.