PE-Backed Golden Guernsey Dairy Files For Ch. 7 Liquidation
The dairy-product maker will liquidate its assets
Private equity owned Golden Guernsey Dairy LLC has filed for Chapter 7 bankruptcy and will liquidate its assets.
The Waukesha, Wisc.-based company makes cheese, butter and other dairy ingredients. The bankruptcy comes after the Waukesha facility was closed on Jan. 5.
OpenGate Capital LLC, a Los Angeles-based private equity firm, bought the dairy-processing plant from Dean Foods Co. (NYSE: DF) in September 2011.
Golden Guernsey filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware in Wilmington on Jan. 9, listing assets and liabilities between $10 million and $50 million on its petition. The Chapter 7 filing means the company will go through a liquidation process to sell off its assets, instead of reorganizing in Chapter 11 bankruptcy.
Mark Desgrosseilliers of Womble Carlyle Sandridge & Rice LLP Is debtor counsel and couldn’t be immediately reached for comment.
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