National Gun Forum banner

1 - 20 of 22 Posts

·
Registered
Joined
·
6,138 Posts
Discussion Starter #1 (Edited)
Private equity firm ACON Investments LLC and affiliates acquired Borden in 2017 and the company received debt facilities from GSO Capital Partners and PNC Bank, according to a statement at the time.
Higher Costs


With the price of raw milk up 27% since January 2019 and expected to rise more, even as retail prices and margins are dropping, court papers show.
The same trends helped drive Borden’s larger rival, Dean Foods Co., to file for bankruptcy on Nov. 12.

Affiliates of KKR Credit Advisors US LLC and Franklin Square Holdings LP now hold $175 million of Borden debt in the form of a term loan, while PNC holds a $30 million term loan and a $75 million revolving loan.


Borden reported a net loss of $42.4 million for 2019 through Dec. 7, widening from 2018’s $14.6 million deficit on net sales of $1.18 billion.To continue operating in bankruptcy, Borden needs to tap an account containing $26.6 million that it established in 2017 to pay for a settlement with two pension funds, Monaco said.
Borden has more than 3,200 employees, about 22% of whom are unionized, Monaco said.
The firm retained Conway MacKenzie Inc. for financial advice.

https://www.msn.com/en-us/money/companies/borden-becomes-second-big-us-milk-producer-to-file-for-bankruptcy/ar-BBYEvp7?ocid=spartanntp

Private equity firms seem to
be the death of many.


 

·
Registered
Joined
·
2,318 Posts
This is because all the millennials are drinking soy and almond milk.
Everyone thinks cow milk is bad. And cow farts are bad for the planet.
I grew up on the stuff, it is the best.
In another 10 years they will say that all these new fangled milks will give you cancer or something and everyone will be looking for cows milk again
 

·
Registered
Joined
·
3 Posts
very sad to see a dairy company toppled. i am personally a huge fan of milk, and i'd like to keep the industry as diversified as possible. as Doja Cat once said, "Cash rules everything around me (everything around me) Ice C.R.E.A.M, Ice C.R.E.A.M (ice cream).
 

·
Super Moderator
Joined
·
14,227 Posts
I beats me how a dairy can stay in business anyway. It's a 24/7/365 job. The variables are endless, help is hard to find and a Dairly (Jersey especially) bull will kill you if you give him half a chance.

Alan
 

·
Aim true !
Joined
·
10,296 Posts
I love real milk too. Glad im not lactose intolerant. My wife is. She still uses milk with her cereal. But does not drink what is left in the bowl. The cats get that. She has to wait 2 hours before we go out. Just incase the milk she did have affects her.
 

·
Super Moderator
Joined
·
14,227 Posts
I love mild too. Drink about a gallon every three days. I still don't know how a dairy stays in business...

#1 wife doesn't drink it, but she buys mine for $1.99/gal at Target.

Alan
 
  • Like
Reactions: Coalcracker

·
Aim true !
Joined
·
10,296 Posts
Wow 1.99 a gallon is great. I pay 3.41 a gallon for skim. And that is state minimum. Yeah Pa has some goods set at state minimums.
 

·
Banned
Joined
·
8,370 Posts
Private equity firms seem to
be the death of many.

Exactly

What I do not get is everything I read says dairy products are glutting the market, so why is the price rising? Cheese is stupid expensive, milk is as well. My wife like 1/2 & 1/2 for her coffee. Even at Walmart or Costco, it is $2/quart.
 

·
Registered
Joined
·
3,156 Posts
I beats me how a dairy can stay in business anyway. It's a 24/7/365 job. The variables are endless, help is hard to find and a Dairly (Jersey especially) bull will kill you if you give him half a chance.

Alan
Even a city boy like myself can tell you that you can't get milk from a bull. If you keep tugging you get something else.
 

·
Keep calm & return fire!
Joined
·
11,914 Posts


Private equity firms seem to
be the death of many.


The company I work for was publicly traded. We were bought by a private equity firm and taken private about a year ago :nonod::frown5::nonod:
We'll see.
 

·
Banned
Joined
·
8,370 Posts
Equity firms do one thing - come in, strip assets or take their profit and walk away from the rest with many folks losing jobs
 

·
Registered
Joined
·
3,156 Posts
I grew up drinking Borden's milk and associate their mascot logo with the brand. I don't understand the problems they have to deal with it's just sad to see an iconic businesses go under. I probably contributed to their demise I drink almond or coconut milk. Neither of which is milk more like a milk like product. I thought I was lactose intolerant but I think I have that enzyme sensitivity.

Even though cow's milk is designed for baby cows it has good stuff in it but it also has residual bad stuff they give the cows. Just like the beef industry you can wait around for a baby cow to be a big cow so you can make money but to accelerate the process they get fed growth hormones. Cows get sick and spread it around and sometimes you can't use them because they are sick so to minimize that risk you feed them antibiotics. Like a lot in nature in milk you get enzymes and beneficial little organisms in there but they swim with bad guys so to kill them all you have to pasteurize it. We have to kill the germs because in out sanitized society our bodies don't know how to deal with the germs.

I start my day with Dr. Joe's super greens and essential source that I blend with almond milk. I try to get organic when I can because to maximize yield crops get doused with toxic pesticides and herbicides.
 

·
Banned
Joined
·
8,370 Posts
No such thing as almond or soy "milk"; those are refined plant juices
 
  • Like
Reactions: fixitfred

·
Registered
Joined
·
13,214 Posts
Sad to see a long lasting big company like this go under. I used to drink a lot of milk but not so much anymore. No real reason except that i drink more coffee and water than anything. I think we go through maybe 1/2 to 1 gallon at week at best and sometimes throw some away.
 

·
Registered
Joined
·
2,318 Posts
I grew up drinking Borden's milk and associate their mascot logo with the brand. I don't understand the problems they have to deal with it's just sad to see an iconic businesses go under. I probably contributed to their demise I drink almond or coconut milk. Neither of which is milk more like a milk like product. I thought I was lactose intolerant but I think I have that enzyme sensitivity.

Even though cow's milk is designed for baby cows it has good stuff in it but it also has residual bad stuff they give the cows. Just like the beef industry you can wait around for a baby cow to be a big cow so you can make money but to accelerate the process they get fed growth hormones. Cows get sick and spread it around and sometimes you can't use them because they are sick so to minimize that risk you feed them antibiotics. Like a lot in nature in milk you get enzymes and beneficial little organisms in there but they swim with bad guys so to kill them all you have to pasteurize it. We have to kill the germs because in out sanitized society our bodies don't know how to deal with the germs.

I start my day with Dr. Joe's super greens and essential source that I blend with almond milk. I try to get organic when I can because to maximize yield crops get doused with toxic pesticides and herbicides.
My uncle once told me that good whisky will counteract the pesticides in most foods.
So I drinks a dram or two each night
 

·
Super Moderator
Joined
·
14,227 Posts
I dunno, I'm having fried chicken tonight! That's about as real as it gets in my world!


Alan
 
  • Like
Reactions: Coalcracker

·
Aim true !
Joined
·
10,296 Posts
We had doe loin chip steaks and baked potatoes tonight. I know it all was real food.
 

·
Registered
Joined
·
629 Posts
There's almost no relation between the company who declared bankruptcy and the company founded 160 years ago. Them and the corporate press only imply that association to cause nostalgic feelings in the taxpayers who have been supporting the diary business for decades through corporate welfare. Now, they'll declare bankruptcy and shareholder value along with employee retirements will go out the window. Corporations should not be allowed to declare bankruptcy. They should simply collapse if they can't survive.
 

·
Registered
Joined
·
1,368 Posts
It depends what type of bankruptcy they file, there is total liquidation type and the more common reorganization bankruptcy.
 
1 - 20 of 22 Posts
Top