DALLAS, Texas — Borden, one of America’s favorite dairy companies founded in 1857, has been granted consensual use of cash collateral for another 30 days after the latest Jan. 23 court hearing in its voluntary reorganization proceedings. This authorization enables Borden to continue operations and honor obligations in the normal course of business.
Borden is continuing to work with its lenders and will participate in a mediation in the coming days to develop a strategy for the Company to exit bankruptcy. The Company’s next court hearing is scheduled for Feb. 24.
“We, along with our legal and financial expert consultants, are confident that Borden will accomplish our goal of longer-term stability. We have now had two very positive court hearings, and we feel encouraged that this momentum will help us reach faster alignment with our lenders,” said Borden CEO Tony Sarsam.
The Company initiated the voluntary reorganization proceedings on Jan. 5 to pursue a financial restructuring designed to reduce its current debt load, maximize value and position the Company for long-term success. It intends to work closely with creditors, customers and employees to identify value-maximizing restructuring plans that will benefit all stakeholders.
For additional information about the reorganization, visit bordenfinancialreorg.com.
–Borden Dairy
via PR Newswire
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