Pilgrim's Pride sells asset and repays debts
Chicken processor Pilgrim's Pride said it has sold its Farmerville chicken complex to Foster Farms for $72.3 million and has repaid $450 million in debtor-in-possession financing.
Pittsburg, Texas-based Pilgrim’s Pride added in a press statement that the final sale price of the complex was revamped to account for inventory and other reimbursements.
Livingston, Calif.-based Foster Farms gained a processing facility, cook plant and two hatcheries, as well as a feed mill and a protein conversion plant.
Proceeds from the Farmerville sale will be used to cover general corporate expenses, Pilgrim’s Pride said.
Pilgrim's Pride filed for Chapter 11 bankruptcy last December, and in late March the company said a bankruptcy judge had granted it an extension for filing its reorganization plan.
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