Struggling US poultry group Pilgrim’s Pride today (11 November) appointed William Snyder to the position of chief restructuring officer.
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Snyder, a managing partner of CRG Partners Group, will assist Pilgrim’s Pride in capitalising on cost reduction initiatives, developing restructuring plans and exploring opportunities to improve long-term liquidity. He will report to the board of directors, the company said.
The debt-burdened chicken manufacturer was ordered to appoint a restructuring officer by its lenders as part of an agreement to give the company more time to sort out its financial problems.
The banks behind Pilgrim’s Pride agreed to extend their temporary credit waiver under the company’s credit facilities and provide the firm with continued liquidity until 26 November at the end of October.
Clint Rivers, president and CEO of Pilgrim’s Pride, said: “William is a seasoned veteran with more than 25 years of experience in helping companies in a wide variety of industries, including foodservice, restaurants and retailing, realign their businesses to meet new challenges. He will play an integral role in working with our outside advisors and lenders on a business and restructuring plan that addresses the financial and operational challenges currently facing Pilgrim’s Pride.”
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By GlobalDataPilgrim’s Pride profits have been hit by soaring feed costs and weak poultry prices in recent months. The company’s high level of indebtedness, primarily the result of its takeover of Gold Kist last year, have also become an increasing concern amid the turmoil in the credit markets, prompting industry speculation that the poultry giant could facing bankruptcy in a matter of months.
