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12-11-2008, 08:57 PM
Pilgrim's Pride Corporation is a producer of poultry in the United States, Mexico (http://www.hotstockmarket.com/forums/showthread.php?t=65544#) and Puerto Rico. In the United States, the Company produces prepared and fresh chicken, and turkey, while in Mexico and Puerto Rico, it produces only fresh chicken. It operates in three segments as a producer and seller (http://www.hotstockmarket.com/forums/showthread.php?t=65544#) of chicken products; a producer and seller of turkey products, and a seller of other products. The chicken segment includes sales of chicken products it produces and purchases for resale in the United States, including Puerto Rico and Mexico. The turkey segment includes sales of turkey products produced and purchased for resale in its turkey and distribution operations in the United States. Its other products segment includes distribution of non-poultry products. In January 2007, the Company acquired Gold Kist Inc. In December 2008, the Company filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code.
Bought some shares for long term...........:D:beerglass:
Pilgrim's Pride Corporation Receives Court Approval of 'First Day' Motions
8:30a ET December 3, 2008 (PR NewsWire)
Pilgrim's Pride Corporation, together with certain of its wholly owned subsidiaries (collectively, the "Company"), today announced the approval of "first day" motions by the United States Bankruptcy Court for the Northern District of Texas (the "Court"). The Company received interim approval to access $365 million of its $450 million debtor-in-possession financing facility arranged by Bank of Montreal as lead agent (the "DIP financing"). The DIP financing, combined with cash generated from ongoing operations, will allow the Company to satisfy its customary business obligations, including the timely payment of employee wages and payments to vendors. The final DIP hearing is scheduled for December 17, 2008.
The Company also announced that it received Court approval to, among other things, pay pre-petition employee wages, health benefits, and other employee obligations during its restructuring under Chapter 11. Additionally, the Company is authorized to continue to honor all of its current customer policies without interruption, including marketing development, rebate and prepayment programs, coupon programs, product replacement and customer refunds.
"The Court's approval of our DIP financing and first day motions is a positive first step toward a successful restructuring," said Clint Rivers, president and chief executive officer. "Throughout this process, we will continue to operate our business without interruption, including paying employee wages and purchasing (http://www.hotstockmarket.com/forums/showthread.php?t=65544#) the goods and services necessary to serve our customers. We have been working hard to address the operational and financial challenges we currently face, and this restructuring will help us not only meet these challenges, but also enhance the efficiency of our operations, strengthen our balance sheet (http://www.hotstockmarket.com/forums/showthread.php?t=65544#) and position Pilgrim's Pride to compete more effectively in the future."
Additionally, the Company noted that the New York Stock (http://www.hotstockmarket.com/forums/showthread.php?t=65544#) Exchange (NYSE) has suspended Pilgrim's Pride common stock as a result of the Company's filing of its Chapter 11 petitions. The Company's common stock is now quoted on the Pink Sheets Electronic Quotation Service and has been assigned the ticker symbol "PGPDQ.PK." Information about this service is available at http://www.pinksheets.com/ (http://www.pinksheets.com/).
As previously announced, the Company filed voluntary Chapter 11 petitions on December 1, 2008. The Chapter 11 cases are being jointly administered under case number 08-45664. The Company's operations in Mexico and certain operations in the United States were not included in the filing and continue to operate as usual, outside of the Chapter 11 process.
Additional information about the restructuring is available at the Company's website www.pilgrimspride.com (http://www.pilgrimspride.com/) or via the Company's restructuring information line, 888-830-4659. For access to Court documents and other general information about the Chapter 11 cases, please visit www.kccllc.net/pilgrimspride (http://www.kccllc.net/pilgrimspride).
About Pilgrim's Pride
Pilgrim's Pride Corporation employs approximately 48,000 people and operates 35 chicken processing plants and 11 prepared-foods facilities. Pilgrim's Pride products are sold to foodservice, retail (http://www.hotstockmarket.com/forums/showthread.php?t=65544#) and frozen entree customers. The Company's primary distribution is through retailers (http://www.hotstockmarket.com/forums/showthread.php?t=65544#), foodservice distributors and restaurants throughout the United States and Puerto Rico and in the Northern and Central regions of Mexico. For more information, please visit http://www.pilgrimspride.com (http://www.pilgrimspride.com/).
Very Bullish chart just crossed the ADX chart.
http://img254.imageshack.us/img254/654/sharpchartv05yf2.png (http://imageshack.us)
Bought some shares for long term...........:D:beerglass:
Pilgrim's Pride Corporation Receives Court Approval of 'First Day' Motions
8:30a ET December 3, 2008 (PR NewsWire)
Pilgrim's Pride Corporation, together with certain of its wholly owned subsidiaries (collectively, the "Company"), today announced the approval of "first day" motions by the United States Bankruptcy Court for the Northern District of Texas (the "Court"). The Company received interim approval to access $365 million of its $450 million debtor-in-possession financing facility arranged by Bank of Montreal as lead agent (the "DIP financing"). The DIP financing, combined with cash generated from ongoing operations, will allow the Company to satisfy its customary business obligations, including the timely payment of employee wages and payments to vendors. The final DIP hearing is scheduled for December 17, 2008.
The Company also announced that it received Court approval to, among other things, pay pre-petition employee wages, health benefits, and other employee obligations during its restructuring under Chapter 11. Additionally, the Company is authorized to continue to honor all of its current customer policies without interruption, including marketing development, rebate and prepayment programs, coupon programs, product replacement and customer refunds.
"The Court's approval of our DIP financing and first day motions is a positive first step toward a successful restructuring," said Clint Rivers, president and chief executive officer. "Throughout this process, we will continue to operate our business without interruption, including paying employee wages and purchasing (http://www.hotstockmarket.com/forums/showthread.php?t=65544#) the goods and services necessary to serve our customers. We have been working hard to address the operational and financial challenges we currently face, and this restructuring will help us not only meet these challenges, but also enhance the efficiency of our operations, strengthen our balance sheet (http://www.hotstockmarket.com/forums/showthread.php?t=65544#) and position Pilgrim's Pride to compete more effectively in the future."
Additionally, the Company noted that the New York Stock (http://www.hotstockmarket.com/forums/showthread.php?t=65544#) Exchange (NYSE) has suspended Pilgrim's Pride common stock as a result of the Company's filing of its Chapter 11 petitions. The Company's common stock is now quoted on the Pink Sheets Electronic Quotation Service and has been assigned the ticker symbol "PGPDQ.PK." Information about this service is available at http://www.pinksheets.com/ (http://www.pinksheets.com/).
As previously announced, the Company filed voluntary Chapter 11 petitions on December 1, 2008. The Chapter 11 cases are being jointly administered under case number 08-45664. The Company's operations in Mexico and certain operations in the United States were not included in the filing and continue to operate as usual, outside of the Chapter 11 process.
Additional information about the restructuring is available at the Company's website www.pilgrimspride.com (http://www.pilgrimspride.com/) or via the Company's restructuring information line, 888-830-4659. For access to Court documents and other general information about the Chapter 11 cases, please visit www.kccllc.net/pilgrimspride (http://www.kccllc.net/pilgrimspride).
About Pilgrim's Pride
Pilgrim's Pride Corporation employs approximately 48,000 people and operates 35 chicken processing plants and 11 prepared-foods facilities. Pilgrim's Pride products are sold to foodservice, retail (http://www.hotstockmarket.com/forums/showthread.php?t=65544#) and frozen entree customers. The Company's primary distribution is through retailers (http://www.hotstockmarket.com/forums/showthread.php?t=65544#), foodservice distributors and restaurants throughout the United States and Puerto Rico and in the Northern and Central regions of Mexico. For more information, please visit http://www.pilgrimspride.com (http://www.pilgrimspride.com/).
Very Bullish chart just crossed the ADX chart.
http://img254.imageshack.us/img254/654/sharpchartv05yf2.png (http://imageshack.us)