Fall in Pilgrim's Pride Stock
US - Pilgrim's Pride stock drops 20 per cent on speculation it might file for bankruptcy following debt difficulties.
20 October 2008
2 minute read
The Statesman reports that shares in northeast Texas-based Pilgrim's Pride fell 76 cents to $2.47. They have slumped almost 90 per cent this year.
Independent rating company, Egan-Jones Ratings Co., said there is a 70 per cent chance that Pilgrim's Pride will default on its debt. The company's long-term debt stood at $1.52 billion as of 28 June, and it had $54.1 million in cash, according to a July regulatory filing. It had $341.4 million available to borrow from credit lines as of July 29, the company is reported to have said.
