Dean Foods Receives Court Approval for the Sale of Its Assets | CustomNews.pk

Dean Foods Receives Court Approval for the Sale of Its Assets

DALLAS: Dean Foods Company announced that the U.S. Bankruptcy Court for the Southern District of Texas approved the sale of a substantial portion of Dean Foods’ business operations, including the sale of the assets, rights, interests and properties relating to 44 of the Company’s fluid and frozen facilities, to Dairy Farmers of America (DFA) for $433 million. The Court also approved the sale, subject to entry of final agreed orders, of the assets, rights, interests, and properties relating to eight additional facilities, two distribution branches and certain other assets to Prairie Farms Dairy for $75 million in cash and the sale of Dean Foods’ facility in Miami, Florida to Mana Saves McArthur, LLC for $16.5 million. The Court also approved Producers Dairy Foods’ purchase of Dean Foods’ Reno, Nevada facility for $3.7 million and its purchase of the “Berkeley Farms” trademark and related intellectual property for $3 million. Additionally, the sale of the Company’s Uncle Matt’s business to Harmoni, Inc. for $7.25 million has been approved, as well as the sale of Dean Foods’ Meadow Gold Hawaii operations as an ongoing business to Industrial Realty Group, LLC for $25.5 million. “Following the competitive court-supervised auction process, and with the Court’s approval, we have determined a combination of bids that represent the best path forward for our stakeholders,” said Eric Beringause, President and Chief Executive Officer of Dean Foods. “We are confident that, under these new owners, our customers can expect the same commitment to quality and service that Dean Foods has lived up to over the years. We will continue to provide an uninterrupted supply of high-quality dairy products as we work towards completing these transactions. We appreciate the continued hard work and commitment of our Dean Foods employees throughout this process. Each transaction remains subject to customary closing conditions, including any required regulatory approvals. The Company anticipates completing all transactions by early May. – Business Wire  
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