Pilgrim's Pride Files for Bankruptcy

Poultry producer and transporter Pilgrim’s Pride Corp. has filed for Chapter 11 bankruptcy protection, Bloomberg reported.

The company posted 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.