Pilgrim's Pride Corp., operating under Chapter 11 bankruptcy protection, received an extension for exclusively filing their reorganization plan the company said.
The U.S. bankruptcy court in Fort Worth, Texas, extended Pilgrim’s deadline to September 30, according to a Reuters report. The previous deadline was March 30.
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In February, Watt PoultryUSA ranked the Pittsburg, Texas-based company as the number one producer during the previous 12 months, reporting a weekly ready-to-cook volume of 159.46 million pounds of chicken, a drop of 2% from the 162.78 million pounds RTC per week reported in 2008.
High feed costs, low chicken prices and large debt obligations lead the company to file for bankruptcy protection on Dececember 1, 2008.
Earlier this year Pilgrim’s said it hoped its actions of idling plants, reducing the workforce and streamlining operations would return it to profitability and allow it to exit bankruptcy by the end of 2009.
Pending approval by federal and bankruptcy courts, Pilgrim’s has agreed to sell its Farmerville, La. facility to California-based Foster Farms for $80 million.
