Chicken processor Pilgrim's Pride on Wednesday announced it reached an agreement with its lenders to extend its credit lines until Monday.

The Pittsburg, Texas-based company has extended its temporary credit line twice since September. The second waiver was set to expire Wednesday.

The reprieve allows Pilgrim's Pride to avoid filing for bankruptcy or selling assets to cover its debts, at least temporarily. The extension gives the company until noon Monday.

Shares of Pilgrim's Pride closed at $1.02 Wednesday, up 48 cents, or almost 89 percent.

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