Borden Dairy Initiates Voluntary Reorganization Proceedings
The Company will continue operating as normal as it works toward achieving a more viable capital structure and stresses "The Borden Difference" as competitive advantage
Borden, one of America's favorite dairy companies founded in 1857, announced on Jan. 5, 2020, that it and certain affiliates have initiated voluntary reorganization proceedings in the District of Delaware under Chapter 11 of the Bankruptcy Code. The Company 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, and remains focused on being the most service-oriented dairy Company that offers delicious and nutritious products consumers love.
ABOUT BORDEN DAIRY COMPANY
Founded in 1857 by Gail Borden, Jr., Borden is a heritage American brand that produces more than 35 wholesome and delicious products enjoyed by millions of people every day. Borden was the first company to develop a patent for the process of condensing milk, as well as the first company to use glass milk bottles. In 1936, Elsie became America's favorite spokes-cow, and was recognized in 2000 by AdAge as one of the top 10 advertising icons of the 20th century. Today, Borden is headquartered in Dallas and operates 12 milk processing plants and nearly 100 branches across the U.S. that produce and distribute nearly 500 million gallons of milk annually for customers in the grocery, mass market, club, food service, hospitality, school and convenience store channels. The company's People First culture has inspired decades of loyal tenure among hundreds of the 3,300 people Borden employs. In 2019, Borden landed the No. 16 spot on Forbes' list of America's Most Reputable Companies, highlighting the company's well-earned trust amongst consumers. For more information, visit bordendairy.com.