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| | Wednesday, November 13, 2019
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Dean Foods files for bankruptcy protection Dean Foods Company, parent company of Mayfield and PET products, on Tuesday announced that it has filed for voluntary Chapter 11 reorganization. The Company intends to use this process to protect and support its ongoing business operations and address debt and unfunded pension obligations while it works toward an orderly and efficient sale of the firm. Dean Foods also announced that it is engaged in advanced discussions with Dairy Farmers of America, Inc. regarding a potential sale of substantially all assets of the Company. Dean Foods is operating in the ordinary course of business and says it remains focused on providing its customers with wholesome, great-tasting dairy products and the highest levels of quality, service and value. The Company has received a commitment of approximately $850 million in short term funding. "The actions we are announcing today are designed to enable us to continue serving our customers and operating as normal as we work toward the sale of our business," said Eric Beringause, who recently joined Dean Foods as President and Chief Executive Officer. "We have a strong operational footprint and distribution network, a robust portfolio of leading national brands and extensive private label capabilities, all supported by approximately 15,000 dedicated employees around the country. 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. Importantly, we are continuing to provide customers with an uninterrupted supply of high-quality dairy products, as well as supporting our dairy suppliers and other partners."
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