Let them go bankrupt!

[Tallulah]

http://www.google.com/hostednews/ap/...ie9swD9BBGHL80

[Risker]

You should copy some of the article into your post so people have an idea of what it's about.

[Tallulah]

Here you go!

(AP) – 1 hour ago

PITTSBURG, Texas — Pilgrim's Pride Corp. said Thursday that the Federal Trade Commission and Department of Justice have cleared the way for its deal with Brazilian beef producer JBS SA, which would help pull the chicken producer out of bankruptcy.Last month, JBS said it would buy a majority stake in Pilgrim's Pride for $800 million, in a transaction that would include paying off Pilgrim's Pride's creditors in full and distributing new stock to current shareholders — something unusual for a company in bankruptcy protection.

Pilgrim's Pride and six of it subsidiaries filed a reorganization plan in September with the U.S. Bankruptcy Court for the Northern District of Texas.The Pittsburg, Texas-based company will sell 64 percent of the stock in the reorganized company to JBS, implying a total company value of $1.25 billion.

Pilgrim's Pride was the nation's largest chicken producer with about 23 percent of the U.S. market before it filed for bankruptcy protection late last year. The company was crippled by debt from its buyout of a competitor and by high feed costs that left much of the industry in a slump.The company anticipates its reorganization plan will be approved by the bankruptcy court in time for it to exit bankruptcy protection before the end of December.

Copyright © 2009 The Associated Press. All rights reserved.

[snaffler]

Good news I love to hear it when companies like this bite the dust. thanks for sharing it with us

[Tallulah]

You're welcome!

It seems that they will manage to stay in business due to their merger with JBS. But, JBS will own PP's ass. Unfortunately JBS is a "beef producer.". :-(