Farmland Reorganization Approved
"The confirmation of our plan is the final step toward allowing Farmland to emerge from bankruptcy as a leading independent dairy processor," said James A. Mesterharm, chief restructuring officer of Farmland.
Farmland is reorganizing around its fresh milk and dairy products business in the Northeast and its national aseptic milk products business, based in Grand Rapids, Mich. It is a leading processor in these markets.
The newly emerged Farmland Dairies LLC will be led by Martin J. Margherio, the company's president, who will assume the position of president and CEO. Margherio, an industry veteran who until last year led Crowley Foods, believes that Farmland is well positioned to grow profitably in the future.