Pilgrim's Pride Gets Up To $450M In DIP Financing

Law360, New York (December 31, 2008, 12:00 AM EST) -- A bankruptcy judge on Tuesday gave the go-ahead for Pilgrim's Pride Inc. to incur up to $450 million in debtor-in-possession financing as the poultry giant seeks to reorganize under Chapter 11.

Judge Dennis M. Lynn in the U.S. Bankruptcy Court for the Northern District of Texas had previously given interim approval for $365 million in financing from the Bank of Montreal.

The financing, combined with cash generated from ongoing operations, will allow the company to satisfy its obligations, including payment of employee wages and payments to...
To view the full article, register now.