Co announced that it and six of its subsidiaries have emerged from Chapter 11 bankruptcy protection after a 13-month restructuring. In connection with its emergence, the company has entered into a $1.75 bln exit credit facility. The exit credit facility is secured by substantially all of the company’s assets. Under the plan of reorganization, all creditors and its debtor subsidiaries holding allowed claims will be paid in full as soon as practicable. In the case of bondholders, payment will be made either through reinstatement of the bonds or in accordance with the holder’s previous election of a cash-out option. Under the terms of the confirmed plan, all of the shares of the company’s common stock outstanding immediately prior to the effective date of the plan were cancelled and converted on a one-for-one basis into the right to receive new shares of the reorganized company. The reorganized company issued 64% of its common stock to JBS USA Holdings, Inc. in exchange for $800 mln in cash. The remaining 36% of the common stock of the reorganized company was issued to stockholders existing immediately prior to the effective date. Proceeds from the sale of the common stock of reorganized Pilgrim’s Pride to JBS are being used to fund cash distributions to unsecured creditors. The reorganized company’s common stock will begin trading tomorrow on the New York Stock Exchange under the symbol “PPC.”
UPDATE ON OUR $PPC POSITION
This post was just published on ZYX Short Sell Change Alert. From a fundamental perspective, there is nothing new since the last ...
This post was just published on ZYX Short Sell Change Alert. PPC and TSN have considerable business overlap. Since TSN position is becoming larger, ...
This post was just published on ZYX Short Sell Change Alert. PPC is a major chicken producer. Please see prior post on TSN and ...
This post was just published on ZYX Short Sell Change Alert. CALM is short from an average price of $58.85. The stock has just spiked ...
This post was just published on ZYX Short Sell Change Alert. Meat stocks continue to run. In addition to TSN, these include HRL, PPC ...
Heat waves are common in the fertile wheat belt stretching from Siberia to the Black Sea. As such ...
We have been long on $PPC with an average of $0.98. We still think that the stock has room to ...
Our average is $0.98 and our target is around $10The United States Bankruptcy Court for the Northern District of Texas ...
In response to questions, we are still holding our position in Pilgrim Pride, new symbol PPGDQ and old symbol PPC. ...
We have held position in Pilgrim's Pride through bankruptcy and added aggressively on the dips. Our average $0.98. ...
Our methodology calls for adding aggressively to our PPC position right here at $2.86www.thearorareport.com THE ARORA REPORT, Ltd. HOME OF THE UNIQUE ...
PPC is down to $4.29 on announcement of major loss and non-compliance with debt covenants. We believe nothing material ...
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