Corporate Bankruptcy
Pilgrim's Pride Corporation Files Chapter 11 Bankruptcy
December 2, 2008
Pilgrim's Pride photo
The Pilgrim's Pride corporate office
in Pittsburg, Texas.
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.
