Pilgrim's Pride goes under
From Herald News Servies

Tuesday, December 02, 2008

akru y - Pilgrim's Pride Corp., the largest U. S. chicken company, filed Monday for voluntary bankruptcy protection after struggling this past year with high feed costs and low meat prices.

The news halted trading in Pilgrim's Pride shares, which were down 46 per cent, and weighed on stocks of competitors TysonFoods nc. and SandersonFarms nc.

Pilgrim's Pride said it intends to operate normally while it develops a reorganization plan and added it has no current plans to close additional plants.

"This was not a surprise," Paul Aho, economist at the consulting firm Poultry Perspective, said of the filing. "It was a horrible year for the poultry industry."

© The Calgary Herald 2008