Pilgrim's Pride files for bankruptcy

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CHICAGO (Reuters) - Pilgrim's Pride Corp , the largest U.S. chicken company, said on Monday it filed for voluntary bankruptcy protection after struggling with high feed costs and low meat prices.

The company said it intends to continue operating normally while it develops a reorganization plan.

Analysts had predicted a bankruptcy filing was possible for Pilgrim's Pride, which produces about a quarter of the nation's chicken.

In addition to high feed costs, the company has been hurt by its debt obligations, much of which were due to the acquisition in late 2006 of smaller rival Gold Kist Inc.

"After careful consideration of all available alternatives, the company's Board of Directors determined that a Chapter 11 filing was a necessary and prudent step and the best way to obtain the financing necessary to maintain regular operations and allow for a successful restructuring," Chief Executive Clint Rivers said in a statement.

"We expect to emerge from this restructuring a stronger, more competitive company that is well positioned for growth and enhanced profitability," he said.

Its Mexico operations and certain ones in the United States were not included in the bankruptcy filing and will operate outside of the Chapter 11 bankruptcy process.

In conjunction with the filing, the company asked for approval to enter into a $450 million debtor-in-possession financing facility arranged by Bank of Montreal as lead agent.

If approved by the bankruptcy court, the financing will provide an immediate source of funds, enabling Pilgrim's Pride to cover obligations associated with the daily operation of its business, including timely payment of wages, the company said.

(Reporting by Bob Burgdorfer; Editing by Brian Moss)

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