Pilgrim's Pride files for bankruptcy protection
Pilgrim's Pride Corp., the nation's largest chicken producer, filed for Chapter 11 bankruptcy protection on Monday, a move some analysts had predicted given the company's sagging debt load and volatile feed prices.The Pittsburg, Texas-based company sought the bankruptcy protection in a filing with the US Bankruptcy Court for the Northern District of Texas on Monday, saying that as of Sept. 27 it had $$3.75 billion in assets and $$2.72 billion in debts.Company spokesman Ray Atkinson said Pilgrim's
Pilgrim's Pride Corp. plans to cut about 335 jobs by the end of the month, as the nation's largest chicken producer looks to reduce costs amid a slumping operating environment.