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Pilgrim’s Pride Files For Bankruptcy
Time ran out Monday for poultry producer Pilgrim’s Pride, whose Waco plant employs about 700.
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4 Comments 
(November 26, 2008)—Pittsburg, Texas-based poultry producer Pilgrim’s Pride, whose Waco processed products plant employs about 700, filed for Chapter 11 bankruptcy Monday.
Company spokesman Ray Atkinson says Pilgrim's Pride is reorganizing and is not liquidating its assets.
He said the company will keep operating.
The company has been saddled by debt because of the acquisition of its rival Gold Kist Inc. and has had to extend its temporary credit line three times since September.
It's also hurting due to volatile feed prices and an oversupply of meat on the market, which keeps prices down.
The company got a Thanksgiving reprieve Wednesday that allowed it to avoid filing last week, as the company said it had reached an agreement with lenders to extend its credit lines until noon on Monday.
"After careful consideration of all available alternatives, the Company's Board of Directors determined that a Chapter 11 filing was a necessary and prudent step and the best way to obtain the financing necessary to maintain regular operations and allow for a successful restructuring,” said Clint Rivers, president and chief executive officer.
“We expect to emerge from this restructuring a stronger, more competitive company that is well positioned for growth and enhanced profitability.”
About two weeks ago, the company announced it would cut 335 jobs by the end of the month.
The cuts involve both salaried and non-salaried positions and will be divided evenly among nearly all of the company’s three-dozen locations and represent about one percent of the company’s total workforce.
Pilgrim's Pride has made other layoffs this year, including 700 cuts at a plant in El Dorado, Ark.
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Latest Comments
I lost my job in the year 2000 three weeks before Christmas when our plant closed! I know how devastating it can be, but the day I got laid off, I went and put in job applications everywhere I could think of to get a jump on everyone else who got laid off. I received two weeks severance and was sent on my way. I got a job after one week and have been here for 8yrs. Have faith. When one door closes, another will open. I will keep you all in my prayers!
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I second Rose's sentiments to the employees losing their jobs. On the other hand, what about all the other companies affected by Pilgrim's bankruptcy? People seem to forget that bankruptcy is/can be a very selfish thing because it leaves other companies and their employees high and dry.
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Its bad enough to get laid off at any time But why does it always seem the layoffs come on around the holidays.I feel sorry for anyone who is getting laid off now.
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