Photo: Toa55/Shutterstock.comDavis Polk, Norton Rose to Lead Big Milk Producer Through Chapter 11
Dean Foods Co., America's largest milk producer, filed bankruptcy papers in Texas on Tuesday.
November 12, 2019 at 03:37 PM
2 minute read
Davis Polk & Wardwell and Norton Rose Fulbright are guiding the bankruptcy of America's largest milk producer.
Dean Foods Co. and its subsidiaries filed Chapter 11 paperwork in the Southern District of Texas on Tuesday. The company estimated it has between $1 billion and $10 billion in liabilities owed to between 50,000 and 100,000 creditors.
The company, struggling for years as Americans drink less milk, said Davis Polk and Texas-based Norton Rose are advising it in the restructuring. Brian Resnick is leading the Davis Polk team, and the Norton Rose team is led by partner William Greendyke and includes partner Jason Boland.
The company is also engaged in advanced talks to sell itself to Dairy Farmers of America, the country's largest dairy cooperative. In the meantime, Dean Foods said it received an $850 million commitment in debtor-in-possession financing from multiple existing creditors, led by Rabobank. Dean Foods hired Evercore as its investment banker and Alvarez & Marsal as its financial adviser.
Dean Foods and the cooperative that may buy it have a long history together, having been involved in a high profile run-up to the U.S. Supreme Court in recent years. The antitrust class action alleged the company conspired with Dairy Farmers of America to thwart bottled milk competition in the southeast United States.
Representatives for Davis Polk and Norton Rose declined to comment on the bankruptcy.
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