Right, The Chicken Sh*t Is In Place, Pass Me The Fan
Pilgrim's Pride Inc. is facing a crucial deadline that analysts say will determine if the nation's largest chicken producer can stay out of bankruptcy court, according to a report in Dallas News.
A waiver from its major lenders expires today, and analysts expect the troubled company to seek an extension – its third.
Without it, Pilgrim's Pride could be in default of major loan provisions.
The company, which issued a warning on, but has yet to report fourth-quarter financial results, got a waiver from lenders that pushed the deadline to late October. A second extension for the Pittsburg, Texas-based company runs out today.
To make matters worse, earlier this month, Russia – a major export market for US poultry – said it plans to cut 2009 import quotas on poultry by 300,000 tons.
And if that lot wasn't enough, the company faces at least two lawsuits alleging securities law violations for "false and misleading" statements it allegedly made about its finances, the newspaper reports.
A waiver from its major lenders expires today, and analysts expect the troubled company to seek an extension – its third.
Without it, Pilgrim's Pride could be in default of major loan provisions.
The company, which issued a warning on, but has yet to report fourth-quarter financial results, got a waiver from lenders that pushed the deadline to late October. A second extension for the Pittsburg, Texas-based company runs out today.
To make matters worse, earlier this month, Russia – a major export market for US poultry – said it plans to cut 2009 import quotas on poultry by 300,000 tons.
And if that lot wasn't enough, the company faces at least two lawsuits alleging securities law violations for "false and misleading" statements it allegedly made about its finances, the newspaper reports.
