Anybody hear or see any more regarding the hearings regarding the chapter 11? Can't find any details to see what has been resolved or what is the next process. Anybody seen any particular parts of deanfoods being involved and maybe a buying process like Mayfield pet Oak Farms Etc?
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Hiland dairy in Omaha in talks to acquire Dean Foods North Central assets of a Ch7 occurs. Right now. They are asking $18.25 million per plant.
JUST IN TIME SO THEY CAN GIVE THEMSELVES CHRISTMAS AND THEN A YEAR END BONUS !!! CROOKS WILL BE OUT OF MONEY IN NO TIME
Press release on the Company website today. Got court approval to access the rest of that $850 million DIP loan. Some other new court documents out there on that Epiq site. Not sure if anything new is newsworthy not. Glanced at a few of them and it's all lawyer-speak to me.
When are salaried employees paid? I'd expect Chapter 7 filing right before then. Pay will continue as usual until chapter 7 filing, but as soon as Chapter 7 filed no one will ever see any pay earned but not paid before that filing date.
Corporate is pushing the everything is o.k. message to all employee's to keep them focused through the holidays. Could you imagine if everyone truly knew what really was going to happen with Dean's. The DFA carrot that they are dangling is to give people hope that doesn't exist.
DFA is not going to buy Deans in its entirety. Antitrust laws will prevent this as well as specific locations as well. Then, you also have the conflict of interest due to the fact that farmers would receive less money due to the fact that now DFA not only represents them, but also needs to make a profit on the other side of the equation. Did everyone forget that not that long ago, Saputo was the carrot? Then the flip flop from Eric, we are not for sale!
Corporate will tell employees what they want to hear in order to keep things moving and smooth until this turns into a Chapter 7 and we all are laid off. Dean's property will be sold off in pieces in Chapter 7 liquidation fire sales for pennies on the dollar. Desperation from Banks to recoup as much as possible to not only get their poorly decided choice to even loan a dead duck 850 million, but also to get creditors as much money that they are owed back as possible.
We lost our school contract at my plant so its been guys sitting in the break room getting paid that $20+ an hr meanwhile the one gallon filler gets to pick up the slack and work 14hrs while everyone gets to do 10-12 hrs of sitting on their a**
They can't spend the 265mm because its rolled into the 850mm DIP financing.
First of the year will bring a lot of news. Customers already have alternative plans for milk supply. Enjoy your holiday pay because next year it will come from the state you are in. I also find it great that this site wipes out threads that have true discussions about this sad a** company that was driven to the ground by Dallas and local management.
Ya the company that gave us the 265million line of credit petitioned the court on Dec 17th to stop dean from spending it
Rumor is they are getting approval of that other half tomorrow
I fear heads will roll tomorrow. Wishing all of you the best of luck.
There was also a teleconference of creditors last week- Dec 10. Only news out of that meeting was a group of shareholders trying to get court approval to form a group to make asset suggestions to the court. Already have a group of bondholders doing the same. Bondholder group powerful enough to have some pull but shareholders are deluding themselves if they think they'll ever see anything.
Next hearing- being called First Day Hearing (Final)- not being a legal expert not sure why another First Day Hearing is needed- is tomorrow- Dec 20. There was a lot of news after the First First Day Hearing, so maybe more news after Final First Day Hearing