East Texas (KTRE) - Pilgrim's Pride Corporation (NYSE: PPC), the largest chicken company in the U.S. and the second-largest in Mexico, announced this week that it has appointed William K. Snyder, managing partner of CRG Partners Group, LLC in Dallas, as chief restructuring officer.
According to a news release, in this new position, Mr. Snyder will assist the company in capitalizing on cost reduction initiatives, developing restructuring plans and exploring opportunities to improve its long-term liquidity. He will report to the board of directors of Pilgrim's Pride or a committee of the board.
"William is a seasoned veteran with more than 25 years of experience in helping companies in a wide variety of industries -- including food service, restaurants and retailing -- realign their businesses to meet new challenges," said Clint Rivers, president and chief executive officer. "He will play an integral role in working with our outside advisors and lenders on a business and restructuring plan that addresses the financial and operational challenges currently facing Pilgrim's Pride."
Back on October 27, the company announced that it had reached an agreement with its lenders to extend the temporary waiver under its credit facilities through November 26, 2008. Lenders have also agreed to provide continued liquidity under credit facilities during this same period in accordance with the terms of the waiver agreements. Some analysts predict it was a temporary stop gap measure that is unlikely to keep the company from bankruptcy.
Pilgrim's Pride shares were trading at 42 cents mid morning today (Thursday).