Pilgrim's Pride set to emerge from bankruptcy
December 10, 2009
by Eric Schroeder
PITTSBURG, TEXAS — The U.S. Bankruptcy Court for the Northern District of Texas on Dec. 10 approved Pilgrim’s Pride Corp.’s amended joint plan of reorganization. The announcement paves the way for Pilgrim’s Pride to exit bankruptcy later this month.
“This is a proud day for everyone at Pilgrim’s Pride who has worked so hard over the past year to restructure our business,” said Don Jackson, president and chief executive officer. “The past 12 months have been filled with tremendous challenges and unprecedented opportunities. There have been a lot of tough, painful decisions made about the future of this company, yet our employees have joined together to create a new market-driven organization that is clearly focused on serving our customers.”
Pilgrim’s Pride filed for voluntary Chapter 11 bankruptcy protection on Dec. 1, 2008, and filed its joint plan of reorganization this past September. As part of the plan, the company has entered an agreement to sell 64% of the new common stock of the reorganized Pilgrim’s Pride to JBS U.S.A. for $800 million in cash.