Ailing US poultry group Pilgrim’s Pride Corp. has reached an agreement with its lenders to extend the temporary waiver under its credit facilities until 26 November.
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It is the second such extension since Pilgrim’s said in September that it expected to see a “significant” loss during its fiscal fourth quarter and that it would break part of its lending agreements.
In a statement, Pilgrim’s said that it was still working on a comprehensive business plan that addressed its “financial and operational challenges”.
“The extension announced today provides Pilgrim’s Pride with flexibility while it continues to evaluate its opportunities to refinance and recapitalise its business. The company is working toward a solution to improve its long-term liquidity and position itself to capitalise on its strategic advantages,” the company said.
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