Dairy Processor Borden Files Bankruptcy to Cut Debt

Borden Dairy Co., a dairy product manufacturer, has filed for bankruptcy in Delaware, seeking to cut its debt load through voluntary reorganization proceedings.

The Dallas-based company, which has been in business since 1857, listed liabilities of $100 million to $500 million in its Chapter 11 filing in the U.S. Bankruptcy Court for the District of Delaware. It also listed assets that ranged between $100 million to $500 million, according to the court documents filed on Jan. 5.

Borden, which is owned by private equity firm ACON Investments, plans to continue operating its business during bankruptcy, it said in a statement ...