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Source: Tom Johnston, MEATINGPLACE.COM, 2/16/09
A bankruptcy judge has ruled that Pilgrim's Pride Corp. can sell its stake in a grain-elevator business to joint-venture partner Archer Daniels Midland Co, according to Dow Jones.
Judge D. Michael Lynn authorized the sale at a hearing held Tuesday, according to documents filed in U.S. Bankruptcy Court in Fort Worth, Texas.
Pilgrim's Pride sold its stake in the grain-elevator business for $5 million, as the Pittsburg, Texas-based poultry company had been trying to do after filing for bankruptcy in December.
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