Creditor supports sale of Golden Guernsey Dairy

Dairy closed in early January

Published On: Mar 15 2013 05:29:06 PM CDT
WAUKESHA, Wis. -

A creditor says it would support the proposed sale of the shuttered Golden Guernsey Dairy in Waukesha.

But Accord Financial Inc. says its support depends on its secured claims totaling $7.9 million being paid from sale proceeds.

In a filing in U.S. Bankruptcy Court, Accord Financial says it's owed the money under a loan and the purchase of account receivables.

Golden Guernsey closed in early January. The Los Angeles private equity firm that bought Golden Guernsey in 2011, OpenGate Capital, sought Chapter 7 bankruptcy protection in a Delaware court.

An Ohio company, Superior Dairy, has offered $5.5 million for the plant, but the offer rejects the labor contract that was in place.

The Milwaukee Journal Sentinel (http://bit.ly/157lJpz) reports the bankruptcy trustee is accepting bids for the company through May 10.