On March 31, an asset purchase agreement was reached in U.S. Bankruptcy Court in Houston for Dean Foods Co. to sell the assets of McArthur Dairy in Florida to Mana Saves McArthur LLC, owned by Mana, for $16.5 million in cash. The deal should close in 30 days.
In a March 30 letter to Dean Foods, Mana attorney Bruce D. Fischman stated that his client intends to “protect, preserve and turn around the McArthur Dairy operations so that they can continue to provide a product outlet for the hardworking dairy farmers in Florida, employment for McArthur’s many workers and provide milk-related and other products to the markets it serves.”
Fischman said McArthur Dairy is currently a money-losing operation, and it will take many millions of dollars to turn it around. Mana will be committed to process, he added.