Pilgrim's Pride Pull A Rabbit From The Hat

Troubled US chicken producer Pilgrim's Pride pulled a short-term rabbit from the hat Wednesday by getting an unexpected third temporary waiver from it's lenders.

The new waiver expires next week, allowing it a few more days to develop plans to address the financial challenges the company is facing.

"Pilgrim's Pride Corporation today announced that it has reached an agreement with its lenders to extend the temporary waiver under its credit facilities through noon (CDT) on December 1, 2008," the company said in a statement.

Given that tomorrow is Thanksgiving Day, and many market participants are expected to be missing Friday, it seems like Pilgrim's top execs won't be seeing much of the family over the next few days.

I'm starting to feel a kind of warmth towards Pilgrim's Pride. They're a bit like Wimbledon winning the FA Cup or Foinavon in the Grand National (for the benefit of my American readers both those victories were long-shots). Shares in the company almost doubled on the news, up 89% to $1.02.

Come on you Pilgrims!