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News 200 views last update:6 Aug 2012

Pilgrim's Pride files for bankruptcy

Pilgrim's Pride Corp., one of the leading chicken processors in the US, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Texas.

"Over the past year, Pilgrim's Pride has faced a number of significant challenges, including high feed-ingredient costs, an oversupply of chicken, weak market pricing and softening demand," said Clint Rivers, president and chief executive officer.

"After careful consideration of all available alternatives, the company's board of directors determined that a Chapter 11 filing was a necessary and prudent step and the best way to obtain the financing necessary to maintain regular operations and allow for successful restructuring. We expect to emerge from this restructuring a stronger, more competitive company that is well positioned for growth and enhanced profitability."

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Pilgrim's Pride  

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