Dean Foods files for bankruptcy, in talks to sell substantially all of its assets – MarketWatch

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Dean Foods Co.

DF, +2.29%

has voluntarily filed for Chapter 11 bankruptcy protection on Tuesday, with the dairy company saying it was working toward an “orderly” sale of the company. The company, which brands include DairyPure, Land O Lakes and Lehigh Valley Dairy Farms, said it has secured commitments for $850 million in debtor-in-possession (DIP) financing to support its operations during the process. The company said it has been in advanced discussions with the Dairy Farmers of America Inc. regarding the potential sales of substantially all of its assets. “The actions we are announcing today are designed to enable us to continue serving our customers and operating as normal as we work toward the sale of our business,” said Chief Executive Eric Beringause. “Despite our best efforts to make our business more agile and cost-efficient, we continue to be impacted by a challenging operating environment marked by continuing declines in consumer milk consumption.” The stock, which was halted for news, had closed Monday at 80 cents. It had plunged 79% year to date, while the S&P 500

SPX, -0.20%

has climbed 23%.

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