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Borden Becomes Second Big U.S. Milk Producer to File for Bankruptcy

  • Elsie the Cow’s company cites high costs, unbearable debt
  • Dairy processor feels same pressures that felled Dean Foods
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Photographer: Ty Wright/Bloomberg
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Borden Dairy Co. filed for bankruptcy, becoming the second major U.S. milk seller to do so in two months as competitive pressures, declining consumption and falling profits made its debt load unsustainable.

Known for its mascot Elsie the Cow, the Dallas-based company listed assets and liabilities of between $100 million and $500 million in its Chapter 11 filing in Delaware. The company, founded more than 160 years ago, said in a statement that normal operations will continue while it works out a recovery plan.