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The company's operations are expected to continue as normal throughout the bankruptcy process while it develops a reorganization plan to resolve its temporary operational and liquidity issues. The company's operations in Mexico and certain operations in the US were not included in the filing and will continue to operate outside of the Chapter 11 process.
In conjunction with the filing, the company is seeking approval to enter into a $450 million debtor-in-possession financing facility arranged by Bank of Montreal as lead agent (DIP Financing). If approved by the court, the DIP Financing will provide an immediate source of funds to the company, enabling it to satisfy the customary obligations associated with the daily operation of its business, including the timely payment of employee wages and other obligations, Pilgrim's Pride said.
The company has asked the court for additional authorizations, including permission to continue paying employee wages and salaries, to provide employee benefits without interruption, and to continue with its various customer programs.
Clint Rivers, president and CEO of Pilgrim's Pride, said: "Over the past year, Pilgrim's Pride has faced a number of significant challenges including high feed-ingredient costs, an oversupply of chicken, weak market pricing and softening demand. After careful consideration of all available alternatives, the company's board of directors determined that a Chapter 11 filing was a necessary and prudent step and the best way to obtain the financing necessary to maintain regular operations and allow for a successful restructuring."
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