PITTSBURGH, Texas (AP) _ Chicken producer Pilgrim’s Pride Corp. says it has emerged from bankruptcy protection and will soon be part of the world’s largest meat producer.
Pilgrim’s Pride filed for bankruptcy protection more than a year ago after it was unable to cope with mounting debt, low chicken prices and rising feed costs.
The reorganization plan calls for selling a majority stake in the company to Brazilian beef giant JBS. JBS is on track to buy Bertin SA making it the top meat producer.
Pilgrim’s Pride will also repay all its creditors in full and distributing new shares to current holders. The deal is valued at $2.8 billion.
The reorganized company’s stock will begin trading Tuesday under the ticker symbol “PPC.”