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
"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
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