US convenience food firm Pierre Foods has launched emergency talks with its bankers after soaring commodity costs led the company to break its lending agreements.

The company said it had not met lending conditions for the three months to 1 March and is in "active discussions" with the banks to resolve the situation.

Meanwhile, Pierre is reviewing its business in order to boost liquidity and cut costs. The company is looking to trim its product portfolio and streamline its business by exiting "unprofitable" ventures.

Officials at Pierre could not be reached for immediate comment.