$80M Stalking Horse Bid For Pilgrim's Plant Gets OK

Law360, New York (May 11, 2009, 12:00 AM EDT) -- The bankruptcy judge overseeing the Chapter 11 proceedings of poultry producer Pilgrim's Pride Corp. has authorized an $80 million stalking horse agreement with Foster Poultry Farms for a chicken processing plant and approved bidding procedures associated with the sale.

The order, signed Friday by a judge in the U.S. Bankruptcy Court for the Northern District of Texas, also approves the payment of stalking horse protections and sets a sale approval hearing for May 19.

Pilgrim's Pride and Foster signed a definitive asset purchase agreement on Thursday,...
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