Borden Dairy Company is an American dairy processor and distributor headquartered in Dallas, Texas. Established in 2009, the company is a successor to the original Borden Company established in 1857 by Gail Borden. The company is a former subsidiary of Dean Foods. On January 5, 2020, Borden Dairy Company filed for bankruptcy. "Despite our numerous achievements during the past 18 months, the company continues to be impacted by the rising cost of raw milk and market challenges facing the dairy industry," said CEO Tony Sarsam in a statement. Borden's filing says the company plans to stay in business during the bankruptcy process. History Originally part of the Borden Company, the dairy subsidiary was sold in September 1997 to Southern Foods, which was controlled by the Mid-America Dairymen, now the Dairy Farmers of America (DFA). Southern Foods was subsequently acquired by Suiza Foods, now Dean Foods. The DFA retains ownership of Borden cheese. In 2009, Grupo Lala of Mexico acquired National Dairy from DFA and began conducting US operations as Borden Dairy Company. In 2013, Borden Dairy was spun off by Grupo Lala into a private company called Laguna Dairy, S.A. de C.V. In 2017, ACON Investments became the majority owner of the Borden dairy business, with Laguna Dairy retaining a substantial equity. On January 5, 2020, Borden Dairy Company and sixteen affiliated companies filed Chapter 11 bankruptcy in the United States District Court for the District of Delaware citing declining sales. In his affidavit, Jason Monaco, the company's CFO, mentions that the company intends to reorganize and not liquidate its operations. He describes a difficult environment for milk producers that includes decreasing demand for milk, increased competition with non-dairy alternatives, the growth of discount grocery retailers, and the growth of private label alternatives. In June 2020, it was announced that New Dairy Opco LLC had won the auction for most of Borden's assets, becoming the company's new owner. New Dairy Opco was led by a team composed of the former head of Dean Foods, Gregg Engles, and Kohlberg Kravis Roberts (KKR). At the time of the bankruptcy, Borden employed 3,300 workers. Elsie the Cow Elsie the Cow is Borden Dairy Company's mascot ("spokescow") that is used for the label on their products. Elsie was first introduced in 1936, appearing as one of four cartoon cows (with Mrs. Blossom, Bessie and Clara) in a series of advertisements that ran in medical