Dean Foods Co. recently announced that the U.S. Bankruptcy Court for the Southern District of Texas has entered a final order granting the company authority to access the full amount of its $850 million in debtor-in-possession (DIP) financing. The company had previously received interim approval from the court to access up to $475 million of the DIP financing.
The court also granted all other relief sought, including providing final approvals for certain of the company’s “First Day Motions” intended to support the business.
“We are pleased to have received final court approval of our DIP credit facility,” Dean Foods president and chief executive officer Eric Beringause said. "I can’t thank our employees enough for their continued dedication and hard work and our suppliers, customers and other partners for their support and patience as we move through this process. We remain focused on providing customers with an uninterrupted supply of high-quality dairy products."
As previously announced, Dean Foods and all of its wholly owned subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code on Nov. 12, 2019. Additional information is available on the restructuring page of the company’s website at www.DeanFoodsRestructuring.com.
In addition, court filings and other information related to the proceedings are available on a separate website administered by the company’s claims agent, Epiq Corporate Restructuring LLC, at https://dm.epiq11.com/SouthernFoods.