A US court has approved Pierre Foods’ reorganisation plan, meaning that the company will now emerge from bankruptcy.
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Under the plan, funds managed by Oaktree Capital Management will take majority ownership of the US food group.
Oaktree is Pierre’s single largest creditor and provider of the company’s debtor-in-possession credit facility.
“Pierre Foods is poised to emerge with the renewed ability to operate profitably throughout the continued downturn of the economic cycle and beyond,” the company said in a statement yesterday (10 December).
“We are pleased to continue working with Oaktree and appreciate their continued commitment to the company.”
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