Pilgrim's Progress
It's a big week ahead for troubled US chicken producer Pilgrim's Pride Corp., with another debt deadline rapidly approaching Wednesday.
Some analysts are predicting that the company's creditors may be less willing this time round to grant a waiver than they have on two previous occasions.
As the pressure mounts, the company is also due to pay a $25.7 million interest payment next week.
Pilgrim's has done what it can, by cutting production and slashing costs, but may lack the resources to ride out the current storm to see the benefits of these cuts, according to some analysts.
Despite posting a monster $91 million loss in it's latest quarter, more diverse rival Tyson Foods said recently that it would not be cutting chicken production at it's US facilities.
Unlike Tyson, Pilgrim's only produces chicken and has 32 facilities in the US and a further 3 in Mexico.
Some analysts are predicting that the company's creditors may be less willing this time round to grant a waiver than they have on two previous occasions.
As the pressure mounts, the company is also due to pay a $25.7 million interest payment next week.
Pilgrim's has done what it can, by cutting production and slashing costs, but may lack the resources to ride out the current storm to see the benefits of these cuts, according to some analysts.
Despite posting a monster $91 million loss in it's latest quarter, more diverse rival Tyson Foods said recently that it would not be cutting chicken production at it's US facilities.
Unlike Tyson, Pilgrim's only produces chicken and has 32 facilities in the US and a further 3 in Mexico.
