Borden Dairy Company filed for Chapter 11 bankruptcy on Monday amid rising milk prices and what court filings described as an “unsustainable” debt pile, reported Bloomberg.

Borden was founded in 1857, one of America’s oldest and largest dairy producers is the second major dairy company to fold in months.

Court filings said the company would use Chapter 11 bankruptcy to “pursue a financial restructuring designed to reduce its current debt load, maximize value and position the company for long-term success.”



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