Poultry producer and transporter Pilgrim’s Pride Corp. has filed for Chapter 11 bankruptcy protection, Bloomberg reported.
The companyÌýposted four consecutive quarterly losses, largely due to rising grain costs and a poultry surplus, said Bloomberg.
Operations will continue as normal, and the company will seek $450 million in financing to help it reorganize.
Pilgrim’s Pride’s products are distributed to retailers, restaurants and foodservice distributes in the United States and Mexico. The Pittsburg, Texas-based company started in 1946 as a feed store.
Pilgrim
Pilgrim’s Pride is ranked No. 15 on the Transport Topics Private 100 listing of U.S. and Canadian private carriers.
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