Part of Dean Foods deal derails
A part of the Dean Foods sale of assets has been called off.
On April 1st, Dean Foods announced they reached an agreement in principle with Industrial Realty Group, which planned to acquire the Meadow Gold Hawaii operations, assets, and properties at Hilo and Honolulu. Dean Foods now says that agreement has been terminated.
As a result, the Company intends to close operations at its Honolulu facility by April 30th, but Dean Foods says it has an agreement in principle with another unnamed potential buyer for the Hilo facility, distribution branches on three islands, and the Meadow Gold Hawaii brand along with related intellectual property. The new potential sale must be approved by the bankruptcy court.
Most other assets of Dean Foods are being sold to Dairy Farmers of America for 433-million dollars. Other buyers of Dean Foods assets include Prairie Farms and Model Dairy.