EAST TEXAS (KTRE) - Pilgrim's Pride Corporation said today that it's
reached a deal to temporarily extend its credit through the end of
The nation's largest chicken producer's previous credit waiver
extension was set to expire tomorrow. The Pittsburg, Texas-based
company had been given an extension in late September after it said
it wouldn't meet debt obligations for its current loans.
The newest extension gives Pilgrim's Price until November 26th
to meet its debt obligation to stave off default.
The company, like many food makers, has been hampered by high
costs for key ingredients like corn and oil. It hedged some of its
purchases, but as prices moderated it lost money on those hedges.
The company said in late September it would post a "significant
loss" in the fourth quarter, largely on those bad hedges.