By Bill Zeeble, KERA News
http://stream.publicbroadcasting.net/production/mp3/kera/local-kera-798502.mp3
Dallas, TX – The nation's biggest chicken business has filed for chapter 11 bankruptcy in Pittsburg, Texas. KERA's Bill Zeeble has more.
The giant poultry producer requested court protection through $450 million debtor in possession financing. If approved, Pilgrims Pride would continue operations and maintain what CEO Clint Rivers calls business as usual.
The company has suffered financially in recent months as it dealt with its takeover of Gold Kist, volatile feed prices and a reduced price for its chicken meat, thanks to an oversupply. A meeting of those owed money by the company has not been scheduled yet.