Bankrupt Dairy Co. Secures $5.5M Stalking Horse Bid

Law360, New York (March 22, 2013, 7:32 PM EDT) -- A Delaware bankruptcy judge on Friday approved a stalking horse bid by the parent of Superior Dairy Inc. to purchase the assets of private equity-backed milk processor Golden Guernsey Dairy LLC for $5.5 million.

U.S. Bankruptcy Judge Kevin Gross approved the stalking horse bid by LEL Operating Co., parent of Canton, Ohio-based Superior Dairy, and set an auction for May 14, should Golden Guernsey receive any competing offers.

"[Golden Guernsey trustee Charles A. Stanziale Jr.] has demonstrated a compelling and sound business justification for entering into...
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