Pilgrim’s Pride Files For Bankruptcy
FROM THE DOPPLER 10 FORECAST CENTER… A HEAT ADVISORY IS IN EFFECT FOR THE FOLLOWING COUNTIES UNTIL 7 PM FRIDAY… McLENNAN, WILLIAMSON, AND SAN SABA…AFTERNOON HEAT INDEX VALUES TODAY AND FRIDAY WILL RISE TO BETWEEN 105 AND 110 DEGREES...WHILE OVERNIGHT LOWS TONIGHT WILL STRUGGLE TO FALL BELOW 80 DEGREES…PERSONS INVOLVED IN VIGOROUS OUTDOOR ACTIVITIES ARE URGED TO TAKE FREQUENT BREAKS AND DRINK PLENTY OF WATER…
Pilgrim’s Pride Files For Bankruptcy Save Email Print
4 comments
A | A | A

(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.

Read Pilgrim’s Pride Press Release

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.

Pilgrim’s Pride Web Site
More Stories
Swine Flu Claims Life Of Temple Woman

UPDATE: 5-Year-Old Shooting Victim Identified

UPDATE: One-Car Accident Claims Life Of 35-Year-Old Central Texas Man

Manhunt Underway After Violent Central Texas Assault

 1 Million Play Yards Recalled Because Of Fall Hazard

House Committee Passes Waco Mammoth Site Bill

Bill Brock Returning To Baylor

Ellison's Hardy Wins World Title In 100 Meters
Post Your Comments
First Name:
Location:
Enter Comments: characters left
Email (optional):
By posting this comment I have read and agree to the Terms of Use and Privacy Policy:
You must agree to the Terms of Service to continue.
Read Comments
Comments are posted from viewers like you and do not always reflect the views of this station.
Posted by: Mary Location: Crawford on Dec 2, 2008 at 08:30 AM
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!
Posted by: Tony Location: Waco on Dec 2, 2008 at 08:09 AM
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.
Posted by: Candy Location: Waco on Dec 2, 2008 at 02:58 AM
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.
Posted by: Rose Location: Belton on Dec 1, 2008 at 09:51 PM
My heart goes out to all the employees who lost their jobs, especially during this holiday season. Makes me appreciate the fact that I am blessed and able to have a job that I can report to every day. I have a feeling that this is the first of many in this area.
Most Texas Prison Inmates Face The Summer Without AC
110 Comments
Waco FBI Agent Sentenced In Dog Shooting
62 Comments
Sentencing For FBI Agent Convicted In Animal Cruelty Case Recheduled For Wednesday
40 Comments
Ex-Principal Avoids Prison Time In Graphic Text Message Case
36 Comments
Pregnant Woman, Unborn Child Die In Highway Collision
36 Comments
Teen Killed, Three Others Injured When Car Slams Into Trees
35 Comments
KWTX.com Features
Double Dollar Deals
Half Price Deals at Central Texas restaurants and businesses. A new deal every Thursday at 7:00am.
Boss of the Month
Who is Central Texas’ best boss? Nominate your supervisor for Boss of the Month!
Golden Apple
Your chance to nominate an outstanding teacher. Find out how they are making a difference in classrooms.
Emily Wants to Know
Emily Matthews' inquisitive look at life in Central Texas.
10 On Your Side
Answers from our experts on topics that affect YOU.
Job of the Week
Click now to see hundreds of other jobs on Job Board TV!


Full-Time Physical Therapist - Join Metroplex Health System in Killeen as a Full-Time Physical Therapist in our Pediatric Rehabilitation Department. Metroplex offers a very competitive hourly wage and benefits plan. Join Metroplex in “Extending the Healing Ministry of Christ”.

Also, take a look at the most recent jobs posted to Job Board TV at KWTX.com: View More Jobs.