Dean foods over sees alot of companies under it. All news reports state that Dean is looking toward to sell all assets.......for those that dont get sold what happens???, if one is bought what happens???? Statistics say that if a company files from chapter 11 there's a 10% chance to survive and rebound the other 90% they end up going into chapter 7. Any thoughts about this anybody
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I decided to resign, I’ve only been here 14 months and it was easy to find another position, wanted to do so before plane shut down and other folks were also looking. Best of luck. Thanks Tom your a good man.
I would be cautious about advice offered here. It's based on emotion and misinformation. The petition presented by the Dean Foods attorneys was signed by the bankruptcy judge authorizing payment to all employees for pre-petition earnings. Your wages and benefits will be paid. For the record, I listened to the entire 2.5 hour hearing. Details are also publicly available to substantiate my comments if you have the desire to know.
Start looking for a new job.
Exactly. Not a chance an employee will see a dime. Just be thankful you have a job for now.
And any time you worked (including overtime) before today that hasn't been paid yet...well good luck ever seeing it. Hope I'm wrong and this works different then every other bankruptcy but everything the company owed before filing bankruptcy is usually put on hold and not paid until after assets are sold. Money owned to non-executive employees is always at the bottom of the list of who gets paid and there's rarely ever enough money after the banks and lawyers and executives get paid their bonuses to pay the employees at bottom of the list.
They'll do what they can to keep wages being paid in the short term since DFA is currently the most likely buyer. If DFA doesn't want certain plants, those may close soon. But any closed locations equals lost customers and DFA is going to want those customers as part of the sale. Other buyers may have other plans and the longer this plays out the greater the chance that more and more closings start happening. And wages continuing to get paid doesn't mean other benefits will continue to be paid now or ever. If you've been sticking around due to seniority, now is the time to jump ship because whoever the new owner is isn't going to be obligated to honor that seniority.
It means you will get paid your wages AFTER the banks get their money on the loans.
So you’re pretty much f$cked!
All you need to know is when a company files chapter 11 they start laying off employees by the masses to cover the debt...Happy Holidays
Too many variables to know what is going to happen at this point. Press release had mixed messages.
- Looking to sell assets and in negotiations to sell all assets to DFA
- New management team in place that is going to turn business around
Now that Chapter 11 filed, can't just sell to DFA. Have to accept seek other bids and go with highest bid. But if all assets sold, what is left for Dean Foods as a company? Parts could end up going to DFA and parts to others. And some parts might not get sold. What happens to any parts that don't get sold could be a number of different things. Dean Foods as a small company that just sells in specific geographic regions is one thing that could happen, but not guaranteed. Everything at this point has to be approved by court and banks and banks going to do what gets them the most money.
My guess is it will sell to the highest bidder. Currently, they are in talks with Dairy Farmers of America. They will not make is with 7 out of 8 quarter loss. I have been tracking for a while since they took over meadow gold. I wish the FDA had passed the law about removing the word MILK from all alternate products such as almond "milk" and such.