NEW YORK, May 22 - Pilgrim's Pride Corp <PGPDQ.PK>, the bankrupt U.S. chicken processor, said on Friday that it fully repaid its $450 million debtor-in-possession financing facility and completed the sale of its Farmerville, Louisiana, processing facility for $72.3 million.
The company said it sold the Farmerville complex, which includes a processing facility, a cook plant, two hatcheries, a feed mill and a protein conversion plant, to Foster Farms. A U.S. Bankruptcy Court approved the sale earlier this week.
Pilgrim's Pride said the proceeds of the sale will be held in a cash collateral account and used for general corporate operating purposes as needed.
The company and certain of its subsidiaries filed for Chapter 11 bankruptcy protection in December. It has been closing plants, reducing production and laying off employees as it works to return to profitability.
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