Pilgrim's Pride gets third credit extension
November 26, 2008
by Keith Nunes
PITTSBURG, TEXAS — Lenders to Pilgrim’s Pride Corp. have agreed to extend the company’s temporary waiver under its credit facilities until noon central time on Monday, Dec. 1, according to the company. This is the third time Pilgrim’s Pride has been extended such a waiver. On Oct. 27, lenders extended the temporary waiver a second time until Nov. 26.
Pilgrim’s Pride said it continues to pursue refinancing and recapitalization opportunities. The company also announced the hiring of a chief restructuring officer on Nov. 10.
William K. Snyder, managing partner of Dallas-based CRG Partners Group, is leading Pilgrim’s Pride’s cost-reduction campaign and developing restructuring plans in an effort to improve its long-term liquidity. Mr. Snyder reports to the company’s board of directors.