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Pilgrim's Pride sells asset and repays debts

US chicken poultry processor Pilgrim's Pride said it has sold its Farmerville chicken complex to Foster Farms for $72.3 mln and has repaid $450 mln in debtor-in-possession financing.

The company added that the final sale price of the complex was revamped to account for inventory and other reimbursements.

US California-based Foster Farms gained a processing facility, cook plant and two hatcheries, as well as a feed mill and a protein conversion plant.

Proceeds from the Farmerville sale will be used to cover general corporate expenses, said Pilgrim’s Pride.

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Pilgrim's Pride

Foster Farms

Natalie Berkhout

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