Lenders are condemning Borden Dairy for its unexpected bankruptcy declaration made Monday, according to court papers.
The 163-year-old dairy producer became the second major U.S. dairy to file for bankruptcy in months as consumer demand for non-dairy products increases.
“The bankruptcy filing was both unnecessary and detrimental to the business, its employees and its vendors, among others. All parties had agreed to an out-of-court restructuring that allowed Borden to continue without the disruption of the bankruptcy proceedings. Notwithstanding our disappointment over the filing, we are committed to working with the company and its creditors to ensure that the business continues to operate and that wages will continue to be paid during the pendency of these cases
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