Poultry producer Pilgrim’s Pride, currently operating under Chapter 11 bankruptcy protection, is granted more time to file a plan of reorganisation.
The US chicken company filed for bankruptcy protection on 1 December, 2008, after nearly a year of losses caused by high feed costs and low chicken prices. Additionally, it had large debt obligations.
A bankruptcy court in Texas has granted the company’s request to have until 30 September to exclusively file a reorganisation plan. This is an extension from the previous deadline of 30 March.