Poultry Producer Cagle's Slips Into Ch. 11

Law360, Wilmington (October 20, 2011, 4:35 PM EDT) -- Poultry processor Cagle’s Inc. retreated into Chapter 11 bankruptcy Wednesday in Georgia, becoming the latest industry victim of high feed costs and slumping demand for chicken products.

Atlanta-based Cagle’s filed for court protection along with subsidiary Cagle’s Farms Inc., saying it hoped to reorganize the company to ease its $41 million secured debt burden.

"It is our goal to reach an agreement with our creditors in a quick and efficient manner, allowing us to restructure our debt with minimal disruption to our operations," J. Douglas Cagle,...
To view the full article, register now.