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  1. #1
    On A Mission

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    Default Dairy related Bankruptcy's (Borden)

    https://www.mcall.com/business/mc-bi...uci-story.html

    We lose some Teamster jobs with this but don't know all the facts.
    Main reason is that Wal-Mart opened some kind of plant in Indiana. The Midwest dairy farmers got the work and alot of PA farmers are in huge trouble.


    I'd like a study on the affects illegal immigrants have had....it may or may not be a big part...but I, personally would like to know.

  2. #2
    I Am Rocking Now

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    Default re: Dairy related Bankruptcy's

    The milk plants are only part of the problem today.. I have a friend who basically was a dairy farmer in New York state.. Now all he does is raise dairy cattle and grows hay..he could no longer afford to have cows to produce milk as it was a losing proposition . It was companies like Dean foods that set the prices and they set the prices to the likes of Walmart and other large grocery chains.. Some states including PA use to protect the dairy farmers.. Always would see a sign in the dairy dept about that.. Long gone.. Dairy today is a tough business..

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  4. #3
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    Default re: Dairy related Bankruptcy's

    Quote Originally Posted by crazy View Post
    The milk plants are only part of the problem today.. I have a friend who basically was a dairy farmer in New York state.. Now all he does is raise dairy cattle and grows hay..he could no longer afford to have cows to produce milk as it was a losing proposition . It was companies like Dean foods that set the prices and they set the prices to the likes of Walmart and other large grocery chains.. Some states including PA use to protect the dairy farmers.. Always would see a sign in the dairy dept about that.. Long gone.. Dairy today is a tough business..
    I think Wal-Mart basically forces their desired price on who they buy from. Dean was undercut by the midwest.

  5. #4
    Retired !

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    Default re: Dairy related Bankruptcy's

    Another dairy related bankruptcy is announced. I wonder how many Teamster jobs this will affect ?
    Or, as they state in the filing, they can't afford their debt load or pension obligations.
    I know dairy farming has been hard hit. I also feel that many of these companies use the bankruptcy courts to walk away from the promises they made to their employees.

    Dallas-Based Borden Dairy Co. Files For Bankruptcy Protection
    Generations of Americans grew up with the company’s products on their kitchen tables and images in their head. Now Borden, one the the country’s oldest and largest dairy companies, has filed for bankruptcy protection.
    Saying it’s been hurt by a drop in overall U.S. milk consumption since 2015, Dallas-based Borden Dairy Co. says it can’t afford it’s debt load and pension obligations. The company has more than 3,300 employees and runs 12 plants across the country.
    The statement did not say if the plans on staying in business long-term or liquidate. According to court records, during 2019 Borden reported a net loss of more than $42 million.
    https://dfw.cbslocal.com/2020/01/06/...ry-bankruptcy/

  6. #5
    Taking A Stand!!!

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    Default Re: Dairy related Bankruptcy's

    Borden Bankruptcy Update for May 6, 2020

    After months of little public reporting by Borden about any progress on plans to emerge from bankruptcy, Borden has gone on record with the Court about what it has been doing and its proposed next steps in this case.

    On Monday, May 4, Borden requested that the court grant it extra time to proceed along two concurrent paths.

    One path is a sale of Borden to potential interest buyers. In its court filings, Borden indicated that its investment banker has contacted nearly a hundred potential bidders and executed a confidentiality agreement with “multiple parties.” Borden had set a deadline of April 17 for those parties to submit preliminary indications of interest and reported that it received “several.” Borden is working with those parties to submit bids to purchase the company.

    The second path is a “consensual” plan of reorganization with Borden’s original lenders. This path requires most of Borden’s lenders to agree on forgiving some debt and investing new money that best enables the company to be a successful business going forward.

    In a separate filing on Tuesday, May 5, Borden submitted its proposed “Bid Procedures.” These are the rules and timeline that Borden proposes as it goes forward along these parallel paths described above. The Bid Procedures preliminarily request that the Court set a June 1 date for interested parties to submit bids (or a term sheet for a reorganization transaction) with an auction scheduled for June 3 and a court approval hearing of winning bidder(s) for either a stand-alone sale or in connection with a plan of reorganization on June 4, 2020. Again, these are proposed procedure and dates. The Court will hear the motion to approve the Bid Procedures and any parties’ related objections on May 22.
    https://teamster.org/news/2020/05/bo...ate-may-6-2020

  7. #6
    Taking A Stand!!!

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    Default Re: Dairy related Bankruptcy's (Borden)

    Borden Bankruptcy Update for June 26, 2020
    The last few weeks have been busy with developments in the Borden bankruptcy case. While much of the back and forth between interested buyers occurred behind the scenes, on Monday, June 15, Borden announced that an entity called New Dairy Opco, LCC was named as the successful bidder for Borden. As reported in news articles and later confirmed in subsequent filings and discussions with us, New Dairy is an entity created by existing lender and private equity firm, KKR, and a specialty food/dairy private equity firm by the name of Capitol Peak Partners.

    Teamsters Dairy Conference representatives had an initial conversation with Capitol Peak’s founder, Gregg Engles, on Thursday, June 18. Engles informed us that Capitol Peak would be the controlling entity and taking over day-to-day management of the business. Engles further stated that they would not seek to reject our CBAs but did want to sit down with us to discuss some yet-to-be-identified issues prior to the sale being finalized in mid-July.

    Capitol Peak/KKR filed its sales agreement (officially known as the asset purchase agreement or “APA”) between Capitol Peak/KKR and Borden late Sunday, June 21. That sales agreement contained items that were detrimental to the integrity of your collective bargaining agreements. We already had an objection on file to the sales motion because CP/KKR never formally indicated their intentions on assuming our collective bargaining agreements. There was a hearing on Tuesday, June 23 for the bankruptcy judge to consider approving the APA. The main objection was ours.
    https://teamster.org/2020/06/borden-...-june-26-2020/

 

 

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