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.
calendar icon 20 October 2008
clock icon 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.

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