Pilgrim's Pride Ch. 11 Plan Heads To Stockholders

Law360, New York (October 22, 2009, 3:10 PM EDT) -- Bankrupt poultry processor Pilgrim's Pride Inc. has announced it will begin soliciting votes from stockholders to approve an amended joint plan of reorganization that would sell a 64 percent stake of the company's new common stock to Brazil-based JBS SA for $800 million.

Pilgrim's Pride gained approval Thursday from the U.S. Bankruptcy Court for the Northern District of Texas, where its Chapter 11 proceedings are ongoing, to mail copies of the plan, along with an amended disclosure statement, to company stockholders for review, according to a...
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