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The Pittsburg-based chicken processor excluded its operations in Mexico and some in the United States from the filing, saying in a release that those plants and facilities would continue to operate normally outside of the restructuring.
The filing in the Northern District of the U.S. bankruptcy court asks for court approval for a $450 million debtor-in-possession financing agreement lead by the Bank of Montreal. If approved, the money would allow Pilgrim's Pride to continue to fund its operations normally.
"We expect to emerge from this restructuring a stronger, more competitive company that is well-positioned for growth and enhanced profitability," said Clint Rivers, president and chief executive officer, in a statement announcing the filing.
Higher costs and the burden from additional debt created by its takeover of Gold Kist Inc. hamstrung the company's finances.
It had received a waiver of some of its debt, but the waiver allowed the company to skip interest payments on its bonds, a sign that some analysts said was a sure indicator that the company would need to restructure with court protection.
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