Pilgrim's Pride Corp (PPC)

[mu12450]

"...distributing new shares to current holders"

Anyone have details on this?

A court approved chicken producer Pilgrim’s Pride Corp. plan for reorganization on Thursday, and the company said that it expects to emerge from bankruptcy court protection this month. Pilgrim’s Pride 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 the industry in a slump. The U.S. Bankruptcy Court in the Northern District of Texas approved the reorganization plan on Thursday. The plan includes selling a majority stake in the company worth $800 million to Brazilian beef giant JBS. The transaction includes paying off Pilgrim’s Pride’s creditors in full and distributing new shares to current holders.

Read more: http://newsok.com/business-briefs/article/3424192#ixzz0ZNzQeXd3