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News 232 views update:Jan 23, 2009

Pilgrim's Pride aims to sell stake to ADM

Poultry producers Pilgrim's Pride has plans to sell its stake in a grain elevator business to joint venture partner Archer Daniels Midland, without a court-supervised auction.

Pilgrim's Pride, after recently applying for Chapter 11 protection, is seeking court approval to sell its interest in the grain elevator business for US$5 mln.

Pilgrim's also said ADM has a right of refusal to any deal and would prevent a sale of Pilgrim's stake in the business to any other company.

Bankruptcy Judge D. Michael Lynn will hold a hearing on 10 February on Pilgrim's Pride's bid sell its stake in the company.

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Pilgrim's Pride

Natalie Berkhout

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