New Delhi, Feb. 5 -- Borden Dairy Co. filed for bankruptcy late Sunday, becoming the second major U.S. milk producer to do so in recent months as rising milk prices and other challenges made its debt load unsustainable.
The Dallas-based company listed assets and liabilities of between $100 million and $500 million in its Chapter 11 filing in Delaware. The company, founded more than 160 years ago, said in a statement that operations will continue as normal during the reorganization.
"Borden is EBITDA-positive and growing, but we must achieve a more viable capital structure," Chief Executive Officer Tony Sarsam said in the statement, referring to the widely followed profit measure of earnings before interest, taxes, depreciation and amortiz...