Poultry Giant Pilgrim’s Pride Files For Ch. 11

Law360, New York (December 1, 2008, 12:00 AM EST) -- Ending months of speculation, the largest chicken producer in the U.S., Pilgrim’s Pride Corp., has filed for Chapter 11 following short-term liquidity “challenges.”

On the first business day after the Thanksgiving holiday, the poultry giant filed a voluntary petition in the U.S. Bankruptcy Court for the Northern District of Texas.

The Pittsburg, Texas-based company reported debts of $2.7 billion and assets of nearly $3.8 billion in the filing.

"Over the past year, Pilgrim's Pride has faced a number of significant challenges including high feed-ingredient costs, an...
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