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December 11, 2008

US: Pierre exits Chapter 11

A US court has approved Pierre Foods’ reorganisation plan, meaning that the company will now emerge from bankruptcy.

A US court has approved Pierre Foods’ reorganisation plan, meaning that the company will now emerge from bankruptcy.

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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