Pilgrim's Pride Files For Bankruptcy Protection, Likely To Sell Assets

US Chicken processor Pilgrim's Pride has filed for Chapter 11 bankruptcy protection after struggling to contend with high debts, low poultry and rising feed costs. Over the last month Pilgrim's has repeatedly sought extensions from creditors on its debt covenants but the latest extension expired on December 2 and the firm appears to have been unable to persuade its creditors to extend again. The firm will now attempt to maintain regular operations while it undergoes a period of restructuring which is likely to involve the sale of multiple

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