Source: MEATINGPLACE.COM, 3/27/09
Pilgrim's Pride Corp. has been granted an additional six months to submit its plan of reorganization for emerging from bankruptcy protection, according to court documents filed on Thursday.
The U.S. Bankruptcy Court for the Northern District of Texas granted the company's request for an extension of time to file its plan.
Pilgrim's, which is reorganizing under Chapter 11 protection, now has until Sept. 30 to submit the plan. Its previous deadline was March 30.
The Pittsburg, Texas-based company last week said it agreed to sell its chicken complex in Farmerville, La., for $80 million to Foster Farms. That sale is subject to approval by the U.S. Bankruptcy Court.
The company last month said it would close three plants, including the Farmerville site, and lay off 3,000 workers to cut costs.
Pilgrim's Pride filed for Chapter 11 protection in December 2008 after struggling with high feed costs, low prices for meat and a heavy debt load.
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