Local farms and dairy co-operatives are waiting to see how the bankruptcy announced this week by Dean Foods, the largest milk producer in America, will affect milk prices.
Dallas-based The Dallas-based milk processor said that it plans to use the Chapter 11 proceedings to keep running the business, and address debt and unfunded debt obligations as it seeks to sell the company. Dean Foods has secured commitments for $850 million in debtor-in-possession financing, a type of funding for companies in financial distress, according to CNBC.
Dean Foods gets its milk from a number of cooperatives that are members of the National Milk Producers Federation, including Upstate Niagara, which serves farmers in the four-county GLOW Region and other upstate communities.
Livingston County News – The Daily News