Borden, a Dallas-based milk and cheese producer founded in 1857, has filed for Chapter 11 bankruptcy protection.

Why it matters: This is the second major U.S. dairy to go bankrupt in the past two months, following market leader Dean Foods, with blame being placed on everything from declining milk consumption to truck driver shortages.

  • The private equity angle: Borden was acquired in 2017 by Washington, D.C.-based buyout firm ACON Investments.

The bottom line: "Consumption of fluid milk, which accounts for the vast majority of Borden’s revenue, has been declining for decades, with per capita consumption down about 40% since 1975, according to Agriculture Department data. Meanwhile, dairy alternatives like milks from soy, oats, almonds and other sources have been on the rise," writes the New York Times.

Go deeper: Dean Foods, America's largest milk producer, is 2019's 100th default

Go deeper

7 mins ago - Podcasts

Reid Hoffman and Mark Pincus on the rise of Silicon Valley SPACs

Silicon Valley venture capitalists are no longer content with investing in startups and then eventually handing them off. Instead, many are now forming SPACs, or blank-check acquisition companies, to ride tech unicorns into the public markets themselves.

Axios Re:Cap digs into this trend with the co-founders of a new tech SPAC called Reinvent Technology Partners: Reid Hoffman, a co-founder of LinkedIn and partner at Greylock, and Mark Pincus, the founder and former CEO of Zynga.

Updated 22 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2:30 p.m. ET: 31,717,955 — Total deaths: 973,014 Total recoveries: 21,795,005Map.
  2. U.S.: Total confirmed cases as of 2:30 p.m. ET: 6,913,046 — Total deaths: 201,319 — Total recoveries: 2,646,959 — Total tests: 96,612,436Map.
  3. Health: CDC director says over 90% of Americans have not yet been exposed to coronavirus — Supply shortages continue to plague testing.
  4. Politics: Fauci clashes with Rand Paul at COVID hearing: "You're not listening" — FDA chief vows agency will not accept political pressure on coronavirus vaccine.
  5. Vaccines: Johnson & Johnson begins large phase 3 trial — The FDA plans to toughen standards.
  6. Sports: Less travel is causing the NBA to see better basketball.

California moves to phase out gasoline-powered cars

California Gov. Gavin Newsom. Photo: Justin Sullivan/Getty Images

California Gov. Gavin Newsom is issuing an executive order that seeks to eliminate sales of new gasoline-powered cars in his state by 2035.

Why it matters: California is the largest auto market in the U.S., and transportation is the biggest source of carbon emissions in the state and nationwide.

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