Regulatory documents filed Wednesday show terms of the modifications, stating the Springdale, Ark.-based protein giant and its subsidiaries "pledge substantially all of their assets to secure performance of the company's obligations under the credit agreement."

Spokesman Gary Mickelson confirmed the company's lenders agreed to modifications of covenants governing the company's $1 billion revolving credit agreement and its accounts receivable securitization borrowing facility.

"In this case, we are giving our lenders more collateral and some additional money in the form of fees and interest rate spreads," Mickelson told Meatingplace.com in an e-mail. "The new collateral will include, among other things, certain facilities and equipment."

Mickelson added: "We view this as a positive step, since it gives our company greater financial flexibility. We believe it also shows our lenders are willing to work with our company and have confidence in our ability to follow through on our key strategies."

Analysts saw the news as a positive sign given the difficulty in obtaining credit during an economic crisis that is hammering the meat industry and tying lenders' hands.

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