Pilgrim's Pride files for Chapter 11 after all

Well, it looks like Pilgrim's Pride Corp. got cooked over the Thanksgiving weekend because the poultry-processing company filed for Chapter 11 bankruptcy protection Monday morning.

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In October, Dealscape had suggested that if Pilgrim's Pride did not find a buyer quickly, it would likely file for bankruptcy because the company still had to negotiate a deal with lenders by Oct. 28 and recapitalize to pay off a $25.7 million bond payment due in November. On Sept. 30, that the company announced it had hired Lazard to explore strategic alternatives, including refinancing and a recapitalization of the company.

The chicken producer was burdened by feed prices as well as by the debt from its $1.3 billion acquisition of rival Gold Kist Inc. in 2007.  - Maria Woehr

Also see: Will Pilgrim's Pride sell or file for bankruptcy?

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