Source:  Lisa M. Keefe, MEATINGPLACE.COM, 12/28/09

Pilgrim's Pride Corp.'s on Monday emerged from bankruptcy as had been expected just over a year after its initial filing, according to court documents and filings with the Securities and Exchange Commission.

The reorganization incorporates six subsidiaries that were debtors in the company's Chapter 11 proceedings, and includes the sale of 64 percent of the new common stock of the reorganized Pilgrim's Pride to JBS U.S.A. for $800 million in cash. In exchange, JBS will name six members of the reorganized company's board of directors, according to a report by Reuters.

Pilgrim's Pride is one of the country's largest chicken producers. In accordance with the SEC filing, Reuters reports that the company has the authority to issue 800 million shares of common stock and 50 million shares of preferred stock in the reorganized company.

Pilgrim's Pride bankruptcy odyssey ends as the poultry market is beginning to recover. Both Tyson Foods an Sanderson Farms reported profits on their chicken operations in their latest fiscal quarters.

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