Friendship Dairies LLC, a Texas-based dairy farmer, filed for chapter 11 protection on Monday after a drought forced up its operational costs, Dow Jones DBR Small Cap reported today. The majority of Friendship Dairies ' debt is owed to McFinney Agri-Finance, an Idaho company that loaned Friendship $18.4 million. It owes $16 million on the loan, which is secured by $24 million in assets.
