DALLAS (1080 KRLD) - Dallas-based dairy giant Borden is filing bankruptcy, listing debts ranging from $100-million to a half-billion. About 5,000 creditors are listed in the bankruptcy filings.
It's a Chapter 11 filing which allows the company to re-organize its debt and to stay in business. Borden says its biggest creditors are two pension funds.
It's the second major dairy to file for Chapter 11 in two months.
Borden is the nation's second largest dairy.
The biggest is Dean Foods, also based in Dallas, filed in November.
The dairy industry is struggling due to high milk prices and and an American trend against dairy products.