Thread regarding Dean Foods Co. layoffs

 $850 million in debtor-in-possession financing,

What would happen if all of this money was spent before something was resolved? I mean they did hold back everybody's check recently as soon as everybody gets the paycheck this Friday depending on how your pay is set up hourly salary what's a week every two weeks commission Etc. Is the 850 really enough?

by
| 998 views | | 3 replies (last )
Post ID: @OP+1262IzEz

3 replies (most recent on top)

I work at one of the ice cream plants, and our managers are walking around pretending that everything is perfectly normal, and we only get generic answers to questions. We are reassured everything will be "ok". They are all being so fake. I understand that they are just trying to act "professional" about the situation, but still!

by
|
Post ID: @1yve+1262IzEz

Thank you

by
|
Post ID: @1ros+1262IzEz

Pay being paid in advance was in case court didn't approve or took it's time approving company continuing to pay employees as normal. Approval happened as quickly as it could.
Company only has court approval to access half of that 850 now. If/when they ask for access to second half, that will tell us how quickly they burned through the first half.
If $850 million all goes out the window, options really are to ask for more or shut things down. If it sounds like a deal is close to happening that will get the bank back a significant amount more then their $850 million, then they might give the company another loan. If there aren't any deals close to wrapping up or if whatever deals still being discussed aren't to the banks liking, expect everything to be padlocked shut and a Chapter 7 filing.

by
|
Post ID: @wvv+1262IzEz

Post a reply

: