If the deal must be finalized by Friday, when will be DFA's first official day after new owner?
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Wow. DFA website even worse than the Dean Foods site. “News” on site is all profiles of farmers and puff pieces about charitable donations. And apparently they had a photo shoot with some kid actors of color and a few pages feature those same two kids in different poses with bowls of ice cream, but everything else (photos of actual employees, execs, and farmers and their families) is very, very white.
Not signed by judge yet, but 1845 is proposed amended DIP order.
States in part:
- Sales expected to start closing on May 1 or soon thereafter.
- Sale to DFA expected to be first to close.
- Proposed amendment is to allow Dean Foods to keep $20 million of what DFA pays in order to keep other operations running until those other sales close.
- Everything over $20 million goes to DIP financers (without this order or a similar revised order, all money from the sale would go to the DIP financers).
You really won’t see any changes it will be months before dfa changes stuff up
Should know more on Monday. Docket 1849.
"the Court has set a telephonic status conference for May 4, 2020, at 10:00 AM Central Time...regarding the status of certain sales of the Debtors’ assets and related matters."
If they don't close on Friday, nothing likely to immediately change. April 30 was an estimate on when Dean Foods money would run out. Not going to last indefinitely, but could last another few days or weeks.
Haven't heard any word of DOJ concerns with the Prairie Farms deal, so would expect that deal to close either this week or next.
What happens if they can’t close?
If they can close on Friday, then they are the new owner immediately after closing. A lot of people are questioning whether they can close on Friday though because DOJ has not come out with their decision yet. That is their only obstacle for closing