We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

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

Law360 (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,...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.