US: Pilgrim's Pride gets lending boost
US poultry producer Pilgrim's Pride has sealed a deal with its lenders to temporarily waive the fixed-charge coverage ratio covenant under its credit facilities to 28 October.
The lenders have also agreed to continue to provide liquidity under these credit facilities during the period in accordance with the terms of the waiver agreement.
Pilgrim's Pride had requested the temporary waiver after notifying lenders that it expects to report a significant loss in the fourth quarter of its fiscal 2008 year, which ended 27 September, when it files its Form 10-K.
The company attributed the anticipated loss to high feed-ingredient costs, continued weak pricing and demand for breast meat, and the significant negative impact of hedged grain positions during the quarter.
Separately, Pilgrim's Pride also announced that it has retained Bain Corporate Renewal Group to work with management on a range of strategic issues and operational improvement.
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