US chicken producer Pilgrim’s Pride has filed its reorganisation plan with the US Bankruptcy Court of Northern Texas today (18 September).
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The deal includes a provision to sell a majority stake of new share capital to Brazilian meat giant JBS.
The deal with JBS, announced on Wednesday (16 September), represents an enterprise value of around US$2.8bn.
JBS will take a 64% stake in the US poultry firm, which entered Chapter 11 in December, by buying new common stock to the value of $800m cash. Proceeds will be used to repay Pilgrim’s Pride debt.
The reorganisation plan also calls for an exit facility for senior secured financing in an aggregate principal amount of at least $1.65bn.
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