Dairy Processor News

Farmland Dairies Plans Reorganization

January 1, 2005
Farmland Dairies LLC has filed its Disclosure Statement and Plan of Reorganization with the United States Bankruptcy Court for the Southern District of New York.

"We have worked very closely with our creditors to develop a plan of reorganization that should be accepted, approved and executed in the coming months," said James A. Mesterham, the chief restructuring officer of Farmland. "The filing of our plan is a milestone that is one of the final steps towards allowing Farmland to emerge as a strong competitor in the dairy industry."

The cornerstone of the plan is an agreement that was reached between GE Commercial Finance, the lessor of a majority of Farmland's manufacturing equipment at its New Jersey and Michigan production facilities, and the Unsecured Creditors Committee.

Farmland's President Martin Margherio believes that the company is well positioned for the future.

"We continue to be the leading supplier of high quality dairy products in the metro New York and New Jersey markets, and are strengthening our operations and refining our focus for the long-term success of the company."

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    Established in 1999, California Dairies, Inc. (CDI) is a milk marketing and processing cooperative co-owned by nearly 400 dairy farming families. Our independent, family-owned member dairies are located throughout California’s rural landscape from San Diego County in the south to Sacramento County in the north. With 100 percent of our member dairies located within 100 miles of a CDI manufacturing facility or customer creamery, our member-owners’ fresh, raw milk is transformed into a variety of high-quality dairy products within 24 hours of arrival. As a leading manufacturer of butter, milk powder, nutritional milk powder and fluid milk products, we only use high-quality, simple ingredients in our products. At CDI, we believe that we are stronger together: on-farm and at the processing facility. Through the partnership with our member-owners, we work concertedly to ensure the production of safe, healthy and nutritious milk and dairy products for our customers and consumers.

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