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DF

Dean Foods

$0.00

(0.00%)

13:32
11/14/19
11/14
13:32
11/14/19
13:32

Dean Foods receives court approval of 'first day' motions to support operations

Dean Foods announced that it has received approvals from the U.S. Bankruptcy Court for the Southern District of Texas for the "First Day" motions related to the company's voluntary Chapter 11 petitions filed on November 12, 2019. The Court granted Dean Foods interim approval to access up to $475M of the $850M in committed debtor-in-possession financing from certain of its existing lenders, which along with cash on hand and operating cash flows is expected to be sufficient to support the company's continued operations during this process. Among other things, the Court has authorized the company to continue paying employee wages and benefits without interruption and making payments to suppliers and vendors in full under normal terms for goods and services provided on or after November 12, 2019. Eric Beringause, President and CEO of Dean Foods, said, "We appreciate the swift action by the Court to approve these motions, which will enable us to continue operating as normal. As we move through this process, we remain focused on providing customers with wholesome, great-tasting dairy products and the highest levels of quality, service and value. I would also like to thank our employees, customers, dairy providers, lenders and other partners for their continued support."

DF Dean Foods
$0.00

(0.00%)

02/27/19
JPMS
02/27/19
NO CHANGE
JPMS
Underweight
Avoid the 'temptation' to buy Dean Foods on takeout thesis, says JPMorgan
In a post-earnings research note titled "In This Case, It's Okay to Cry over Spilt Milk," JPMorgan analyst Ken Goldman says Dean Foods announced Q4 earnings below consensus, the suspension of its dividend, the suspension of guidance, and a strategic review. The strategic review apparently could include "almost anything under the sun," with management tossing out a variety of options, including a sale, Goldman writes. The analyst recommends "avoiding the temptation" to buy Dean on the thesis it can get taken out for premium. If Dean does happen to find a buyer, which is unlikely, the stock will probably be purchased at a discount to the current price, contends Goldman. He points out that Dean is a "levered company with a fast-deteriorating business and numerous out-of-date production facilities." The analyst believes management throwing out sale as an option feels "like a shot in the dark." Goldman recommends shorting any potential strength today in the shares and keeps an Underweight rating on Dean Foods. The stock in premarket trading is down 13% to $3.97.
02/27/19
STFL
02/27/19
NO CHANGE
Target $5
STFL
Hold
Stifel sees Dean Foods falling after Q4 report despite strategic review
After Dean Foods reported a Q4 loss of (50c), pulled its financial guidance and suspended its dividend, Stifel analyst Christopher Growe said in a flash note that he expects the shares to trade down despite the announcement last night that the company is exploring all options for its business. Ahead of the company's earnings call, Growe maintained a Hold rating and $5 price target on Dean Foods shares, which are down 65c, or 14%, to $3.90 in pre-market trading.
03/08/19
JPMS
03/08/19
UPGRADE
JPMS
Neutral
Dean Foods upgraded to Neutral from Underweight at JPMorgan
11/12/19
BMOC
11/12/19
NO CHANGE
BMOC
BMO discontinues coverage of Dean Foods, sees 'little hope' for equity
In a research note titled "Milk Has Spoiled," BMO Capital analyst Amit Sharma discontinued coverage of Dean Foods after the company filed for voluntary Chapter 11 bankruptcy. The stock in afternoon trading is up 2c to 80c. Dean's bankruptcy filing is not entirely surprising, given its ongoing operational issues, compressed cash flow, and large debt, Sharma writes. He believes the company's "structural headwinds and a dearth of additional potential bidders imply little hope for equity holders."

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