US poultry producer – $800 mln loss
Poultry processor Pilgrim’s Pride reportedly expects to post a loss of over US$800 mln for fiscal fourth quarter.
The company said it was delaying filing its annual report for fiscal 2008 with the Securities and Exchange Commission due to ongoing talks with its lenders regarding temporary waivers and “related financial uncertainties”.
The company said it reached an agreement with lenders last week to extend its credit lines until today. Pilgrim’s Pride has already extended its temporary credit line twice since September, when it first said it wouldn’t meet obligations for current loans. It has a $25.7 mln interest payment due.
In the filing, Pilgrim’s Pride put its loss for the quarter ended 27 September at $802 mln, or $10.83 per share, on sales of $2.17 bln.
Source: CNN Money
