Dean Foods completed the previously announced sale of its facility in Miami to Mana Saves McArthur for $16.5 million. As a result, Dean Foods has completed all of its previously announced sales.
In the coming weeks, Dean Foods intends to file a Chapter 11 plan that will govern, among other things, the distribution of sale proceeds and the rights and treatment of all claims against Dean Foods. Dean Foods anticipates that the plan will provide for the full payment of all administrative expense claims in several months (following the repayment of its senior secured superpriority post-petition financing facility) as proceeds continue to come into the Dean Foods’ estate, including from the collection of receivables, the receipt of tax refunds and the monetization of its remaining assets.
As previously announced, Dean Foods completed the sales of substantially all of its assets, including the sale of the assets, rights, interests and properties relating to 44 of the company’s fluid and frozen facilities, to subsidiaries of Dairy Farmers of America.
Dean Foods also completed the sale of the assets, rights, interests and properties relating to eight facilities, two distribution branches and certain other assets to Prairie Farms Dairy, and the sale of its facility in Reno, NV, to Producers Dairy Foods. As previously reported, Dean Foods also completed the sale of its Uncle Matt’s business to Harmoni and the sale of its Hilo facility in Hawaii and related distribution branches on the Big Island, Kauai and Maui, as well as a license to the Meadow Gold Hawaii brand name and related intellectual property to MGD Acquisition.
Dean Foods also previously completed the sale of its “Berkeley Farms” trademark and related intellectual property to Producers Dairy Foods.
As previously reported, Alvarez & Marsal is serving as financial advisor to Dean Foods during the company’s sale process and auction as part of its Chapter 11 process.
