Tyson Foods Puts Up Assets As Collateral

Law360, New York (December 17, 2008, 12:00 AM EST) -- On the heels of the largest chicken producer in the U.S. filing for bankruptcy protection, Tyson Foods Inc. said Wednesday that it had made changes to its revolving credit agreement, pledging substantially all of its assets as collateral.

However, Arkansas-based Tyson reported last month that fourth-quarter sales were up 9.5 percent, possibly signaling that it isn't in the dire straits that prompted Pilgrim's Pride to filed for Chapter 11.

Tyson representative Gary Mickelson said Wednesday that the company views the amendment as a positive step....
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.