Bankrupt Golden Guernsey Dairy LLC has received support for the sale of its assets by its two major creditors; however, this support is largely contingent on whether the creditors can recover the debts they are owed by the company.
The proposed sale of bankrupt Golden Guernsey Dairy LLC, which filed for Chapter 7 bankruptcy, has the support of Accord Financial of Greenville, S.C., and Baraboo-based Foremost Farms USA if they are paid from the proceeds of the sale. However, because Golden Guernsey owes nearly $7.9 million to Accord Financial and $1.8 million to Foremost Farms, the current bid for $5.5 million made by Ohio-based LEL Operating Company is not enough to cover all the debts.
The purchase agreement for LEL includes company assets, Golden Guernsey Dairy LLC’s property, and their intellectual property rights.
A bankruptcy auction will be held on May 14 if there are at least 2 qualified bidders, while a purchase hearing is set for June 4th.
Filing for bankruptcy and dealing with the aftermath is often complicated. Thus, if you are facing financial difficulties and are considering bankruptcy as an option, make sure to speak with a lawyer from DeLadurantey Law Office, LLC, about the process. By calling 414-377-0518, you can better understand this complex process, your options, and the steps you need to take.