Pilgrims Pride Bankruptcy

Pilgrim's Pride is the largest chicken producer in the U.S. The company filed for Chapter 11 Bankruptcy on December 1, 2008, due to debt and high commodity prices of feed inputs. On September 27, 2008, the company said it had $3.75 billion in assets and $2.72 billion in debt. The company is reorganizing and will not liquidate its assets but continue to operate during restructuring.Forbes: Pilgrim's Pride files for bankruptcy protection (December 1, 2008)
Going into Debt
Analysts say that the Pilgrim's Pride acquisition of rival Gold Kist for $1.3 billion is the main reason for the company's debt load.Forbes: Pilgrim's Pride files for bankruptcy protection (December 1, 2008)
The company's losses have been known since September 2008 when it announced it would post a large loss in the fourth quarter. Since September, Pilgrim's Pride has extended its credit line three times. In November, the company hired a chief restructuring officer to avoid filing for bankruptcy. The company is delaying its 2008 annual financial report, which was originally due November 26. It is expected that the company will post an $802 million loss.Forbes: Pilgrim's Pride files for bankruptcy protection (December 1, 2008)

Pilgrims Pride Bankruptcy Images Powered by Bing and Google
Pilgrims Pride Bankruptcy Videos Powered by YouTube
- Is the Worse Over? GM preparing for Bankruptcy; NY Hospitals Lay More Workers Off
  
  6:41
Pilgrims Pride Bankruptcy Questions
- What is a prearranged bankruptcy? 1 Answer
  
  From a Tri-City Herald article on Charter: In a prearranged bankruptcy, a company enters into reorganization with a plan to emerge that has the approval of majo... read more
- How is life in Iceland after the bankruptcy? 1 Answer
  
  I read from the paper that it's a great time to travel there these days; most of the hotels, etc are 50% cheaper than usual. read more
- How do you find current bankruptcies online? 1 Answer
  
  Bankruptcy records are public information and can be found by a number of means. The best way is to contact the local/federal bankruptcy court that would be han... read more
- Will GM be able to avoid Bankruptcy? 2 Answers
  
  I don't see how they will avoid bankruptcy with all the pensions they pay to their retired, and with all the new laws on mpg. Their best-selling vehicles will h... read more
view more questions...
Featured Video

Comments (0)

Write a comment...