Pierre Foods to emerge from Chapter 11
December 11, 2008
by FoodBusinessNews.net Staff
CINCINNATI — Pierre Foods, Inc. is on track to emerge from Chapter 11 soon as the U.S. Bankruptcy Court for the District of Delaware has confirmed the company’s plan of reorganization.
Funds managed by Oaktree Capital Management L.P. have become the majority owner of Pierre.
"Pierre Foods is poised to emerge with renewed ability to operate profitably throughout the continued downturn of the economic cycle and beyond," the company said. "We are pleased to continue working with Oaktree and appreciate their continued commitment to the company. Oaktree and its affiliates have extensive experience in alternative investments and a proven track record of success through superior performance. We are excited about this new sponsorship and believe that Oaktree is the perfect partner to help guide the future of the company."
The bankruptcy court also authorized the company to emerge from bankruptcy immediately and waived the 10-day statutory stay period. The company expects to emerge from Chapter 11 in the next few days.