Thursday, March 26, 2009

Pilgrim’s Pride gains time for reorganization

Pilgrim's Pride Corp., operating under Chapter 11 bankruptcy protection, received an extension for exclusively filing their reorganization plan the company said today.
The U.S. bankruptcy court in Fort Worth, Texas extended Pilgrim’s deadline to Sept. 30. The previous deadline was March 30.
In February, Watt PoultryUSA ranked the Pittsburg, Texas-based company as the number one poultry producer during the previous 12 months, reporting a weekly ready-to-cook volume of 159.46 million pounds of chicken, a drop of 2% from the 162.78 million pounds RTC per week reported in 2008.
High feed costs, low chicken prices and large debt obligations lead the company to file for bankruptcy protection on Dec. 1, 2008.
Earlier this year Pilgrim’s said it hoped its actions of idling plants, reducing the workforce and streamlining operations would return it to profitability and allow it to exit bankruptcy by the end of 2009.

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