Pilgrim's Pride Files Chapter 11

Pilgrim's Pride Corp., the nation's largest chicken producer, has filed for Chapter 11 bankruptcy protection, citing debt load and feed prices. In its filing with the U.S. Bankruptcy Court for the Northern District of Texas, the company listed $3.75 billion in assets and $2.72 billion in debts, much of it from the $1.3 billion deal for Gold Kist, Inc., in 2007. A spokesperson stressed that the company was reorganizing, not liquidating its assets, and will keep operating through the reorganization process.