Pilgrim’s Pride Arises From Bankruptcy
What do you get when you cross an entrepreneur with an expert? William Snyder saves Lonnie “Bo” Pilgrim from bankruptcy and restores profitability.
Just one year after seeking bankruptcy protection, Pilgrim’s Pride said on Monday they no longer need protection. One of the largest chicken producers in the U.S., Pilgrim’s Pride claims they have struck a deal which includes the sale of a majority of their stake to JBS SA – a Brazilian meat company. Pilgrim’s Pride also said new shares in the company will begin trading today under the symbol “PPC” (PPC N).
William Snyder, a managing partner from CRG Partners, took on the role as chief officer to restructure Pilgrim’s Pride which also now includes a mix of additional products.
Pilgrim’s Pride was awarded reorganization by a U.S. bankruptcy judge on Dec. 10.
This story originally appeared on Reuter’s - Reporting by Emily Chasan in NY ; Edited by Bill Sorensen