Pilgrim's Pride Seeks Approval For $80M Plant Sale

Law360, New York (May 5, 2009, 12:00 AM EDT) -- Pilgrim's Pride Corp. has asked a bankruptcy judge to approve bidding procedures and an $80 million stalking horse agreement with Foster Poultry Farms for the sale of a chicken processing plant in Farmerville, La.

Pilgrim's Pride, which filed for bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas in December, filed a motion seeking the court's approval of the procedures and sale on Monday.

The poultry producer said in February that it planned to idle the Farmerville plant and two other underperforming facilities...
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