PPC Emerges From Bankruptcy, Starts Trading

Chicken producer Pilgrim's Pride (NYSE: PPC) emerged from bankruptcy protection yesterday, after spending just over a year in the process. According to the exit deal, PPC has sold a majority stake to Brazilian meat company JBS for $800 million. PPC shares have started trading today on the NYSE.

Pilgrim's Pride had continued to operate under the bankruptcy protection, while undertaking major changes, including plant closure, job cuts and lowering of production, in an effort to improve its financial position.