9 of 15
BACKNEXT
Pilgrim's Pride has hurt pride
Pilgrim's Pride has hurt pride
Surging corn and grain prices coupled with softening demand pushed Pilgrim's Pride to file for Chapter 11 bankruptcy in December to address "short-term liquidity challenges."

The company filed for bankruptcy with $3.75 billion in assets and $2.72 billion in debts. The company said it had sales of $8.5 billion in 2008, but also faced an oversupplied and underpriced chicken market.

Pilgrim's itself slaughters and sends to market 45 million birds each week for a total of 9 billion pounds of poultry each year. It also produces 42 million dozen table eggs per year.

The Pittsburg, Tex.-based company will continue operating its 39 chicken and prepared-food plants throughout the bankruptcy process, and further layoffs are not expected for its 41,000 employees. (Eight plants had been previously idled.)

Pilgrim's Pride is hoping to emerge from bankruptcy by the end of the year.

NEXT: Bloom is off celeb florist

Last updated September 25 2009: 2:55 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
50 years of the Ford Mustang Take a drive down memory lane with our favorite photos of the car through the years. More
Cool cars from the New York Auto Show These are some of the most interesting new models and concept vehicles from the Big Apple's car show. More
8 CEOs who took a pay cut in 2013 Median CEO pay inched up 9% in 2013 to $13.9 million. But not everyone got a bump last year. Here are eight CEOs who missed out. More

Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.