Borden Dairy Co. has become the second major U.S. dairy company to file for bankruptcy.
The company is based out of Dallas, TX, and reported losses of $42.4 million in 2019, and debts between $100 million and $500 million to more than 5,000 creditors.
Borden filed under Chapter 11 of the bankruptcy code, allowing the company to attempt to reorganize its debts and remain in business.
“Borden Dairy is a heritage American brand that has been in business since 1857,” Chief Executive Tony Sarsam said in a statement.
“We have a very tenured workforce of 3,300 people who live and breathe our values of teamwork and creative problem solving, and I am extremely confident and optimistic about our continued success in the future.”
