PITTSBURG, Texas, Nov. 26 /PRNewswire-FirstCall/ -- Pilgrim's Pride
Corporation (NYSE: PPC) today announced that it has reached an agreement with
its lenders to extend the temporary waiver under its credit facilities through
noon (CT) on December 1, 2008. Pilgrim's Pride continues to pursue
opportunities to refinance and recapitalize its business, and to position
itself to capitalize on its strategic advantages.
About Pilgrim's Pride
Pilgrim's Pride Corporation is the largest chicken company in the United
States and Puerto Rico and the second-largest in Mexico. Pilgrim's Pride
employs approximately 50,000 people and operates 35 chicken processing plants
and 11 prepared-foods facilities. Pilgrim's Pride products are sold to
foodservice, retail and frozen entree customers. The Company's primary
distribution is through retailers, foodservice distributors and restaurants
throughout the United States and Puerto Rico and in the Northern and Central
regions of Mexico. For more information, please visit
http://www.pilgrimspride.com.
Forward-Looking Statements
Statements contained in this press release that state the intentions,
plans, hopes, beliefs, anticipations, expectations or predictions of the
future of Pilgrim's Pride Corporation and its management, including as to
anticipated hedging gains or losses and changes in pricing, demand and market
conditions for chicken products and profitability, are forward-looking
statements. It is important to note that the actual results could differ
materially from those projected in such forward-looking statements. Factors
that could cause actual results to differ materially from those projected in
such forward-looking statements include: matters affecting the poultry
industry generally, including fluctuations in the commodity prices of feed
ingredients and chicken; compliance with covenants in credit facilities in a
volatile and adverse market; additional outbreaks of avian influenza or other
diseases, either in our own flocks or elsewhere, affecting our ability to
conduct our operations and/or demand for our poultry products; contamination
of our products, which has previously and can in the future lead to product
liability claims and product recalls; exposure to risks related to product
liability, product recalls, property damage and injuries to persons, for which
insurance coverage is expensive, limited and potentially inadequate;
management of our cash resources, particularly in light of our substantial
leverage; restrictions imposed by, and as a result of, our substantial
leverage; changes in laws or regulations affecting our operations or the
application thereof; new immigration legislation or increased enforcement
efforts in connection with existing immigration legislation that cause our
costs of doing business to increase, cause us to change the way in which we do
business, or otherwise disrupt our operations; competitive factors and pricing
pressures or the loss of one or more of our largest customers; inability to
consummate, or effectively integrate, any acquisition or realize the
associated cost savings and operating synergies currently anticipated;
currency exchange rate fluctuations, trade barriers, exchange controls,
expropriation and other risks associated with foreign operations; disruptions
in international markets and distribution channels; and the impact of
uncertainties of litigation as well as other risks described under 'Risk
Factors' in our Annual Report on Form 10-K and subsequent filings with the
Securities and Exchange Commission. Pilgrim's Pride Corporation undertakes no
obligation to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise.
Contact: Investors:
Gary Rhodes
Vice President, Corporate Communications & Investor Relations
(903) 434-1495
Media:
Ray Atkinson
Director, Corporate Communications
(903) 434-1811
SOURCE Pilgrim's Pride Corporation
