Largest American milk producer files for bankruptcy—and declining milk consumption may be to blame [Corrected]
Gaia Squarci/Bloomberg © 2018 Bloomberg Finance LP
Correction: The story incorrectly described the relationship between Land O'Lakes and Dean Foods. They two have a licensing agreement. The story and headline have been updated.for bankruptcy Tuesday as it struggled to adapt to major changes in the dairy industry—namely, that Americans are drinking less milk and also turning toward plant-based alternatives—while big retailers are producing their own store-branded milk.
Dallas-based Dean Foods filed for Chapter 11 bankruptcy protection in the Southern District of Texas on Tuesday in order to keep the company running until it can address unfunded debt and pension obligations and keep deliveries going without interruption until the company can find a buyer to acquire the business.
The company is in advanced talks with Dairy Farmers of America, the largest dairy farmer cooperative in the U.S., for a potential sale. As part of the bankruptcy proceedings, the company received $850 million in debtor-in-possession financing from its existing lenders, led by Rabobank, in order to keep the business going until a deal on a sale is reached. : “Despite our best efforts to make our business more agile and cost-efficient, we continue to be impacted by a challenging operating environment marked by continuing declines in consumer milk consumption,” said CEO Eric Beringause in a statement.
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