Touting a growing customer base and improved capital structure, chicken producer Pilgrim's Pride Corp. on Monday emerged from Chapter 11 bankruptcy after a 13-month restructuring. The reorganized company issued 64 percent of its common stock to Brazilian meat giant JBS in exchange for $800 million in cash. The remaining 36 percent of Pilgrim's Pride common stock was issued to stockholders from immediately prior to the bankruptcy plan. Pilgrim's Pride stock will begin trading Tuesday on the New York Stock Exchange under the symbol "PPC."
A court approved the company's plan for reorganization Thursday. Pilgrim's Pride, which has 41,000 employees, filed for Chapter 11 protection last year facing high debt related to its buyout of rival Gold Kist Inc. in 2007 and rising feed costs that left much of the industry in a slump.
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