ThePoultrySite Latest News
Pilgrim's Receives Approval for DIP Financing
US - Pilgrim's Pride Corporation has received final court approval of access to $450 million in Debtor-In-Possession (DIP) financing.Pilgrim's Pride Corporation has announced that it has received final approval from the United States Bankruptcy Court for the Northern District of Texas of its $450 million debtor-in-possession financing facility arranged by Bank of Montreal as lead agent. Earlier this month, the company had received interim approval to access up to $365 million of its $450 million debtor-in-possession financing facility pending a final hearing.
The DIP financing facility, combined with cash flows generated from ongoing operations, allows the Company to continue its business operations on a normalized basis consistent with its pre-bankruptcy practices.
As previously announced, the Company filed voluntary Chapter 11 petitions on 1 December 2008. The Chapter 11 cases are being jointly administered under case number 08-45664. The Company's operations in Mexico and certain operations in the United States are not included in the filing and continue to operate as usual outside of the Chapter 11 process.
More Poultry Industry News
BIRD FLU: Bird Flu Not Over in Nigeria
Defra's New Guidelines to Reduce Salmonella in Feed- NFUS Urges Participation in Carbon Footprint Study
Ensuring Best Welfare for Most Vulnerable Animals
Sovereign Announces New Investments
Viet Nam Reports Another HPAI Outbreak in Poultry- Hatchery Workshops a Big Hit with Customers
- Study to Bring Benefits to Meat Sector
New Merck Company Begins Operations
UK's Joice and Hill to Be Fully Owned by Hendrix
