Corporatization of dairy could not make it work. In the booming economy there are limits. Limits in markets, opportunities, debt and PENSION obligations. All while the industry sales drop by a $1B year over year is tough on any industry. Luckily they have the assets to get DIP financing of +$800M to continue through the BK process.
What broke Dean? Pension obligations. Now those with pensions may be learning the hard way of what happens to benefits when off loaded to the government. $700M+ is to pensions out of $2B+ in debt. Look at private and public sector pensions to see how many more Dean's will be popping up.