Sale of Pilgrim's Pride complex completed
May 22, 2009
by Bryan Salvage
PITTSBURG, TEXAS — The sale of Pilgrim's Pride Corporation’s chicken complex in Farmerville, La., which includes a processing facility, cook plant, two hatcheries, feed mill and a protein conversion plant, to Foster Farms for approximately $72.3 million has been completed.
In other news, Pilgrim's Pride relays it has repaid its $450 million debtor-in-possession financing facility as of May 15. As such, the proceeds of the Farmerville sale will be held in a cash collateral account and used for general corporate operating purposes as needed
Pilgrim’s Pride and certain subsidiaries filed voluntary Chapter 11 petitions on Dec.1, 2008. 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.