From: Breaking Legal News
A court approved chicken producer Pilgrim's Pride Corp. plan for
reorganization on Thursday, and the company said it expects to
emerge from bankruptcy court protection this month.Pilgrim's Pride
filed for Chapter 11 protection last year facing high debt related
to its buyout of rival Gold Kist Inc. in 2007 and rising feed costs
that left much of the industry in a slump.The U.S. Bankruptcy Court
in the Northern District of Texas approved the reorganization plan
Thursday, the company, based in Pittsburg, Texas, said in a news
release.The plan includes selling a majority stake worth $800
million to Brazilian beef giant JBS. The transaction includes
paying off Pilgrim's Pride's creditors in full and distributing new
shares to current holders.The deal, which was announced in
September, is unusu...
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