Pierre Foods took a “significant step forward” in its effort to emerge from Chapter 11 bankruptcy when it filed its reorganisation plan with the US bankruptcy court.
Go deeper with GlobalData
The company filed a consensual Joint Plan of Reorganisation and Disclosure Statement supported by funds managed by Oaktree Capital Management, the company’s single largest creditor, and Pierre‘s Official Committee of Unsecured Creditors.
Pierre will ask the bankruptcy court to confirm the plan in early December and hopes to emerge from bankruptcy shortly thereafter.
Oaktree supplied the group’s debtor-in-possession credit facility, and upon confirmation of the plan, will become the majority owner of Pierre.
“We are very pleased to have Oaktree as our new financial sponsor and believe that Oaktree’s continuing commitment to Pierre demonstrates its deep belief in the fundamental strengths and the inherent value of our company,” said Norbert Woodhams, CEO of Pierre Foods.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
