Pilgrim's Creditors Object To Fee On $80M Sale

Law360, New York (May 7, 2009, 12:00 AM EDT) -- The official committee of unsecured creditors for bankrupt poultry producer Pilgrim's Pride Corp. has filed a limited objection to the company's proposed $80 million sale of a chicken processing plant, calling the proposed 3 percent breakup fee excessive and misleading.

The unsecured creditors committee lodged the objection in the U.S. Bankruptcy Court for the Northern District of Texas on Wednesday, two days after Pilgrim's Pride filed a motion seeking the court's approval of bidding procedures and the sale of the Farmerville, La., facility.

According to the...
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