Former Dean Foods gets court approval to sell Honolulu property

By Sarah Lizee

Olympia, Wash., Feb. 23 – Southern Foods Group, LLC, formerly Dean Foods Co., secured court approval to sell its Honolulu property to Twenty Lake Management, LLC for $23.9 million, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company said in its motion that the property is its largest and most valuable remaining unsold asset.

Southern Foods and its advisers, in consultation with the official committee of unsecured creditors, ran a competitive bidding process to obtain the highest or otherwise best offer for the property.

“Prompt approval of the Honolulu property sale is necessary to avoid the risk of disruption or delay in such sale that would risk a very substantial cash inflow to the debtors’ estates,” the company said in the motion.

“The economy remains incredibly volatile and, without prompt approval of the Honolulu property sale, the debtors might lose the opportunity to obtain the highest or otherwise best offer for the Honolulu property, the proceeds of which would be distributed to the debtors’ creditors.”

Dean Foods is a Dallas-based food and beverage company. The company filed bankruptcy on Nov. 12, 2019 under Chapter 11 case number 19-36313.

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