Pilgrim's Pride files for bankruptcy protection
Company spokesman Ray Atkinson says Pilgrim's Pride is reorganizing and not liquidating its assets. He says the company will keep operating.
The Pittsburg, Texas-based company sought the bankruptcy protection in a filing with the U.S. Bankruptcy Court for the Northern District of Texas on Monday.
The company has been saddled by debt due to the acquisition of its rival Gold Kist Inc. and has had to extend its temporary credit line three times since September.
It's also hurting due to volatile feed prices and an oversupply of meat on the market, which keeps prices down.
Recent comments
did thier pride die with the pilgrims?
pilgrim pride | Dec. 1, 2008 at 10:34 a.m.
what happened to the Pilgrims' Pride, i don't think they would have...
pilgrims pride | Dec. 1, 2008 at 10:31 a.m.
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