Free Case Evaluation

 
 
X Close
Phone Call Us 414-326-9231
608-260-7133
Toll Free 866-678-9352
Text Us 414-277-7742
You can also feel free to text us at 414-277-7742 to set up your FREE appointment with our attorneys today

Golden Guernsey trustee seeks purchasers

Waukesha's 83-year-old Golden Guernsey Dairy plant filed for Chapter 7 bankruptcy in Delaware and closed abruptly on Jan. 5. The California capital firm that formerly owned the Wisconsin facility criticized the workers' union, pricing pressures and operating expenses for their roles in prompting the decision.

In the wake of the closure, over 100 employees are searching for new jobs and benefits. The Workforce Development Center hosted a job fair specifically for these individuals, who were allowed to return to the plant to claim their personal effects. The new bankruptcy trustee has been actively searching for purchasers and is hosting tours of the site. He believes that buyers will be interested in the chance to purchase the plant free of encumbrances.

The Golden Guernsey trustees hope to create new jobs by selling the complete facility to someone who can resume its operation. The appeal of a fresh financial start, free of the need to recover business assets following a liquidation, could reduce some of the financial challenges typically associated with buying a newly bankrupt firm.

The outcome may depend on how long negotiations take. In many Chapter 7 proceedings, the trustee's need to recoup money for the debtor's creditors eventually leads to asset liquidation or mortgage modification. For businesses struggling with debt, bankruptcy can be a good way to stop creditor harassment, but it does come with financial challenges of its own for employees and others affected by the proceedings. In many cases, individuals and firms that are considering filing for Chapter 7 may choose to consult with experienced bankruptcy law attorneys about the best course of action.

Source: Greater Milwaukee Today, "Is there hope for Golden Guernsey?" Sarah Pryor, Jan. 26, 2013

No Comments

Leave a comment
Comment Information

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

Free Case Evaluation

* indicates required field

 
 

Milwaukee Office
735 West Wisconsin Avenue
Suite 600
Milwaukee, WI 53233

Phone: 414-326-9231
Fax: 414-277-1303
Milwaukee Law Office Map

Kenosha Office
6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Law Office Map

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Law Office Map

Madison Office
2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Law Office Map