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UPDATE: Bidder Offers $5.5 Million for Golden Guernsey

By: Associated Press Email
By: Associated Press Email

UPDATE: 3/4 at 9:14 a.m.

WAUKESHA, Wis. (AP) -- The parent company of Superior Dairy hopes to add the Golden Guernsey Dairy plant in Waukesha to its holdings.

A company trustee says LEL Operating Co. has made a $5.5 million bid for the plant and put down a $500,000 deposit.

The plant closed two months ago and its owner filed for bankruptcy. A private equity firm from Los Angeles, Calif., bought the plant in 2011 and shut down the company Jan. 5, resulting in the loss of more than 100 jobs. The dairy processor has been in the Milwaukee area for more than 80 years.

Randy Roskom worked for Golden Guernsey for 16 years. Roskom tells WISN-TV he's hopeful about the latest development because he hasn't been able to find another job.

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UPDATE: 3/1 at 10:29 a.m

WAUKESHA, Wis. (AP) -- The Golden Guernsey Dairy plant in Waukesha could soon have a new owner less than two months after it closed and filed for bankruptcy.

A creditor in the Chapter 7 bankruptcy, Accord Financial, says a bankruptcy trustee is apparently negotiating a sale of the plant and all of its equipment.

A private equity firm from Los Angeles, Calif., bought the plant in 2011 and shut down the company Jan. 5, resulting in the loss of more than 100 jobs. The dairy processor has been in the Milwaukee area for more than 80 years.

The Journal Sentinel says the plant is being run on a limited basis by a handful of employees to prepare for a sale
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ORIGINAL STORY: 1/7 at 10:57 a.m.

WAUKESHA, Wis. (AP) -- The 83-year-old dairy processor that closed abruptly in southeastern Wisconsin and left area schools scrambling for milk has filed for bankruptcy.

The private equity firm that bought Golden Guernsey in 2011 says it's filed for Chapter 7 bankruptcy protection in Delaware bankruptcy court.

OpenGate CEO Andrew Nikou said in a statement late Tuesday that pressure to lower prices, as well as nonnegotiable operating expenses led to the decision to close the plant in Waukesha.

The sudden closure over the weekend left more than 100 people without jobs and had schools working to line up new milk suppliers. State labor officials say OpenGate had not provided the 60-day notice for a plant closing as required by law.

The Milwaukee Journal Sentinel reports Golden Guernsey was established in Milwaukee in 1930.


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