Pilgrim’s Pride, laden with debt, seeks Chapter 11
Pilgrim’s Pride Corp., the nation’s largest chicken producer, filed for Chapter 11 bankruptcy protection Monday, hobbled by its debt load and volatile feed prices.
The Pittsburg, Texas, company said in its filing with the U.S. Bankruptcy Court for the Northern District of Texas that as of Sept. 27 it had $3.75 billion in assets and $2.72 billion in debt.
Pilgrim’s Pride spokesman Ray Atkinson said that the company was reorganizing and that it would keep operating throughout the process.
Pilgrim’s Pride shares fell 53 cents, or 46%, to 62 cents before trading was halted Monday.
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