Dallas-based Borden Dairy has unfortunately become the latest of one of the nation’s largest dairy producers to file for bankruptcy.
Borden Dairy follows the footsteps of Dean Foods, the nation's largest milk producer, who filed for bankruptcy in November.
Borden CEO Tony Sarsam explained in a statement, “Despite our numerous achievements during the past 18 months, the company continues to be impacted by the rising cost of raw milk and market challenges facing the dairy industry. These challenges have contributed to making our current level of debt unsustainable. Ultimately, we determined that the best way to protect the company, for the benefit of all stakeholders, is to reorganize through this court-supervised process.”
The company did announce they will to continue to operate during their restructuring.
Borden produces nearly 500 million gallons of milk each year, employs more than 3,000 people and operates 13 plants across the country.
Via Fox 4