The company will continue operating as normal as it works toward achieving a more viable capital structure and stresses ‘The Borden Difference’ as a competitive advantage.
Borden Dairy said that it and certain affiliates initiated voluntary reorganization proceedings in the District of Delaware under Chapter 11 of the Bankruptcy Code. The Dallas-based company intends to use the court process to pursue a financial restructuring designed to reduce its current debt load, maximize value and position it for long-term success.
Borden said it 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.