Pilgrim’s Pride files Chapter 11
Chicken producer Pilgrim’s Pride filed for Chapter 11 bankruptcy protection, blaming a deep economic downturn brought on by high feed costs, an oversupply of chicken and softening consumer demand. Chapter 11 bankruptcy allows a company to continue operations while it reorganizes its business affairs.
Pittsburg, Texas-based Pilgrim’s Pride has a number of producer operations in Arkansas, from farmers to processing plants in El Dorado and Clinton, where layoffs and closings have been announced. It has processing operations in Batesville and De Queen, and a large feed mill operation near Atkins. Pilgrim’s Pride also has an administrative office in Bentonville.
In conjunction with the bankruptcy filing, Pilgrim’s Pride is seeking approval to enter into a $450 million debtor-in-possession financing facility arranged by Bank of Montreal as lead agent. From the Arkansas News Bureau
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