12-11 news: Bankruptcy court confirms Pilgrim's Pride reorganization plan
Following a court hearing held December 8 in Ft. Worth, Judge D. Michael Lynn today entered an order confirming the amended plan of reorganization, paving the way for the company to exit bankruptcy later this month. Pilgrim's Pride said that it expects to emerge from bankruptcy before the end of December.
"This is a proud day for everyone at Pilgrim's Pride who has worked so hard over the past year to restructure our business," said Don Jackson, president and CEO, after the court hearing. "The past 12 months have been filled with tremendous challenges and unprecedented opportunities. There have been a lot of tough, painful decisions made about the future of this company, yet our employees have joined together to create a new market-driven organization that is clearly focused on serving our customers."