Borden was founded in 1857, one of America's oldest and largest dairy producers is the second major dairy company to fold in months. 

Court filings said the company would use Chapter 11 bankruptcy to "pursue a financial restructuring designed to reduce its current debt load, maximize value and position the company for long-term success."

Dean Foods, the nation's largest milk producer, filed for voluntary Chapter 11 in November, citing unsustainable business practices, changing consumer trends, and rising competition.

Filings showed Borden had assets and liabilities of around $100 million to $500 million. The company plans to conduct routine operations through the restructuring period.

The filing noted that its debt load and pension obligations were a significant factor that made operations unsustainable. 

The company has approximately 3,330 employees, with 22% of them covered by a collective bargaining agreement. The filing doesn't say if layoffs or a complete liquidation is imminent

Net sales of $1.2 billion were recorded in 2018 but resulted in a net loss of $14.6 million. The company reported a net loss of $42.4 million in 2019, the filing said.