Pilgrim's Pride Chapter 11

I posted about Pilgrim's Pride a few weeks ago. At the time they announced about 300 layoffs due to sluggish sales. Now:

The poultry giant, Marshall County’s largest employer, is seeking Chapter 11 protection. That would free the company from the threat of creditors’ lawsuits while it reorganizes its finances.

Matt Arnold, president and CEO of the Marshall County Economic Development Council, said Pilgrim’s Pride is in relatively good shape because its assets outweigh its debts.

“It’s just a matter of liquidity,” he said. “They need some cash to get them through a tough spot right now.

“I think we just keep plugging along. A lot of these farmers who had Gold Kist stock when it was cooperative kept their stock, and now that stock’s not worth a whole lot, but it’s going to come back up.”