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Pilgrim's Pride photo

The Pilgrim's Pride corporate office in Pittsburgh, Texas. The company filed bankruptcy less than two years after its hostile takeover of Gold Kist.

The nations's largest poultry producer succumbs to debt and tight credit markets.  Pilgrim's Pride Corp files for Chapter 11 bankruptcy less than two years after hostile $1.1 billion takeover of Gold Kist. 

Pilgrim's Pride Corporation, a $7.6 billion poultry processing giant based in Pittsburg, Texas, yesterday announced that it had filed a voluntary petition for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Northern District of Texas.  Six subsidiaries of the company were also included in the filing, however, the company's operations in Mexico and some in the U.S. were not included.