Dallas-based Borden, one of America’s largest dairy companies founded in 1857, announced this month that it initiated voluntary reorganization proceedings in the District of Delaware under Chapter 11 of the Bankruptcy Code. Borden is the second major U.S. milk seller to declare bankruptcy in recent months after Dean Foods Company announced bankruptcy in November.
Borden intends to use the court process to pursue a financial restructuring designed to reduce its current debt load, maximize value and position the company for long-term success. Borden plans to continue operating in the ordinary course of business, under the court’s supervision.
“Borden is EBITDA-positive (earning before interest, taxes, depreciation and amortization) and growing, but we must achieve a more viable capital structure,” said Tony Sarsam Borden CEO. “This reorganization will strengthen our position for future prosperity. Over the past 163 years, we have earned the distinction of being one of the most well-recognized and reputable national brands.… Continue readingRead More »