North Texas Company Out Of Bankruptcy

Dec 28, 2009 | Posted by: roboblogger | Full story: KRLD NewsRadio 1080

Pilgrim's Pride Corporation expects to come out of bankruptcy today one year after filing for Chapter 11 and with a new majority owner, J.B.S.--the Brazilian beef company.

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1 - 20 of 82 Comments Last updated Oct 13, 2010
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canceled grower

Saint Louis, MO

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#1
Dec 28, 2009
 
I dont know how all the growers that have shut down by pilgrims feel but I cant feel any compassion for those that distroyed so many family farms . what goes around comes around.
another canceled grower

Saint Petersburg, FL

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#2
Dec 28, 2009
 
I know how you feel. I know life is not fair sometimes but it really hurts me when Bo and his buddies come out of this smelling like a rose and then there are those who have lost everything and see no hope for their future. It is so depressing. I hate to be so bitter, but I hope you are right that what goes around comes around and I am ready to see it happen.
MP native

United States

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#3
Dec 28, 2009
 
All the major "buddies" will be fine (as they got theirs years ago). Please pray for all the little guys who are having to deal with the consequences.

Here's to hoping that all the growers get their contracts back. ;o)
old grower

United States

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#4
Dec 28, 2009
 
It is too late for most of the growers to get them back. Most of them are too far into debt to do anything about it now. Once a house sits idle for months into years it would take more than they could afford to get the houses ready for chicks again. And Pilgrim's did not want them to begin with. They needed to cut production to drive the price of chickens up. So they picked growers with the older houses and insisted they redo houses(something they could not afford to do even then). Then when they could not get the money or did not want to go into debt further they fixed it where they could not grow a good chick, put them on weeks with brand new houses that they paid more per pound in the first place and that is what started all of this. They picked who they wanted out. Pilgrim should have been forced to settle all of the lawsuits before they could get out of the bankruptcy. They could have settled with the growers for less than they have paid teams of lawyers to fight them. Tyson did a buy out of the older houses a few years ago in Arkansas. That is what Pilgrim should have done. But no, Bo wanted to fight it. He thinks he has enough influence to get by with this. I hope and pray that the growers show him that he DOES NOT!
canceled grower

Saint Louis, MO

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#6
Dec 28, 2009
 
Yes,I agree!! Alot of growers have already lost their way of life, their farms, their homes and their standing with their banks and their community. What does the farmer have left to fight with? There are not a whole lot of jobs out there for a canceled grower. These are people that "played by the rules " and did a good job because it wasnt just a job it is a way of life. For the farmers that made Mr. Pilgrim a bankful of money, they should have some way to begin a new way of life and to continue to work for themselves.
Wondering

Dade City, FL

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#10
Dec 30, 2009
 
What do you think? Will the growers who have suits against Pilgrim ever get a setlement out of them? I understand there is a difference in some of the suits as to what they are actually suing for? I really don't understand all I have heard about them. I know with all of the lawyers Pilgrim has they will fight tooth and nail. And it would probably cost them less to pay the growers than what the lawyers are costing. But, of course, that would be the right thing to do and we know that Bo will only do what is right for him. I just feel so sorry for the growers that I know. They have lost everything. The worst is the ones who have lost land that has belonged to the family for years. But I know that Bo will have to answer to a higher power for his actions one day.
old chicken farmer

Greenville, TX

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#12
Jan 1, 2010
 

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It will be very unlikely that the cancellaed growers will receive anymore compensation. If Pilgrim's Pride can get federal prosectors to stop the investigation into the hiring of illegal immigrants then how do cancelled growers stand a chance? In Arkansas the politicians, Mark Pryor and Blanche Lincoln have not given the growers any support and Gov. Beebe has taken money for his campaign from large poultry company lobbyists. It's time we voted all of these people out of office. I have talked with all of these people and continually get the same answer from every cotton-pickin one of them, "there isn't anything we can do." Well we need to get them out of office and put someone in office that CAN do something. I just don't understand how hard-working people can be treated so unjustly. BOYCOTT PILGRIM'S PRIDE products.
What Now

Jonesborough, TN

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#13
Jan 2, 2010
 
Would it help to contact Pryor and Lincoln on this matter? I'm not sure what good it would do but something has to be done. Pilgrim's can not be allowed to get by with this kind of treatment. I would like to do anything I could to help these growers. The ones I know are desparate. And it is not their fault, it is the fault of the greedy Pilgrim family. It is criminal for Bo to be living in that mansion and getting by with this and the ones who put him there are losing everything. I know he will get his one of these days but I am out of patience. What can be done to solve this?
canceled grower

Saint Louis, MO

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#14
Jan 2, 2010
 
You wont get any help from state gov. They cant or wont help. Try agriculturalworkshops@usdoj.go v. or whitehouse,gov. all we can do is vote these people out and try to get someone in that can help or at the very least try.
Pitt

Pittsburg, TX

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#17
Feb 10, 2010
 

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Well desperate or not all you can do is jump out there and find ya another job and do the best you can. It doesnt do any good to sit and sulk about it thats sure not gonna help. I hate it happened to these people as I know there are plenty of good ones. But there is risk with high cost business such as houses and their is always that chance things arent gonna go well. Nevertheless start new make a new start heck you might find yourself in a better spot than you were if you get to rockin on it. But doing nothing but talking of or even making suits will get you the same...nothing. Again I hate for the growers but there is hope it just has to come from the individual.
Released Grower

Lake City, FL

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#18
Feb 10, 2010
 
Wow.
Pitt wrote:
Well desperate or not all you can do is jump out there and find ya another job and do the best you can. It doesnt do any good to sit and sulk about it thats sure not gonna help. I hate it happened to these people as I know there are plenty of good ones. But there is risk with high cost business such as houses and their is always that chance things arent gonna go well. Nevertheless start new make a new start heck you might find yourself in a better spot than you were if you get to rockin on it. But doing nothing but talking of or even making suits will get you the same...nothing. Again I hate for the growers but there is hope it just has to come from the individual.
Ex Grower

United States

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#19
Feb 10, 2010
 

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Pitt wrote:
Well desperate or not all you can do is jump out there and find ya another job and do the best you can. It doesnt do any good to sit and sulk about it thats sure not gonna help. I hate it happened to these people as I know there are plenty of good ones. But there is risk with high cost business such as houses and their is always that chance things arent gonna go well. Nevertheless start new make a new start heck you might find yourself in a better spot than you were if you get to rockin on it. But doing nothing but talking of or even making suits will get you the same...nothing. Again I hate for the growers but there is hope it just has to come from the individual.
I think it has been mentioned to you before but here I go again, most of the growers involved are older, men who have "farmed" all their lives or most of it anyway. They are smart capable men but people do not hire older workers. So who is going to hire them for any kind of job. That is if there was any jobs anyway. And, if they found a job, they would never be able to make enough money to pay the loans they have. Because ever since they built the chicken houses, Pilgrim has required new things for the houses and most had to add to the loans each time. It would be much better if you would just shut up and stay off this forum because you do not have a clue what is going on. As it has been said before, which one of the Pilgrim's are you?
old chicken farmer

United States

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#20
Feb 11, 2010
 
I wonder just what "Pitt" does for a living. Some of these folks are ruined for the rest of their lives and some will never be able to recover from this mess orchestrated by Bo Pilgrim. Bo could have and should have avoided bankruptcy by selling off some of this company's asset. But no, Bo had to be bull-headed and greedy and tried to hold onto everything. Bo ran and hid under bankruptcy in an attempt to avoid the investigations, lawsuits and a possible takeover like the one he did with Gold Kist. How ironic it is that in the end Bo ended up losing his company to a foreign corporation. I've heard rumors that JBS is considering more high-level management layoffs and changing the name of Pilgrim's Pride due to their tarnished image. Pitt, you need to visit some of the growers and really find out all the facts surrounding the mess Bo Pilgrim created and the pain that he single-handily caused to families and entire communities in his pursuit of wealth. In cities like El Dorado, Siler City, Douglas, Live Oaks, Clinton etc..... people equate Bo's name with selfish corporate greed. Bo has left a terrible legacy.
ArkLaTex

Mount Pleasant, TX

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#21
Feb 14, 2010
 
It a sad situation for everyone from the farmers to the cities and counties.
SouthArkFarmGirl

Houston, TX

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#22
Feb 18, 2010
 
From the Feb 18 Dallas Morning News:

"Pilgrim's Pride today is a stronger, leaner company" with an improved capital structure, president and chief executive Don Jackson told analysts.

The U.S. arm of Brazilian beef giant JBS SA now owns 64 percent of Pilgrim's.

Thursday's report did not include the impact of that deal.

Sales for the quarter fell about 15 percent to $1.6 billion, due largely to production cutbacks and the reorganization.

Since the company's finances began faltering in 2008, it has closed about 10 plants and reduced head count by about 800 workers. Today's total is about 41,000 workers.

Despite the overall profit gain, Pilgrim's operating margin was 0.6 percent, down 9.4 percent.

Results for the quarter included $14 million in "professional fees" primarily incentives and bonuses to reward management for getting the company through the bankruptcy process.

As of Dec. 26, the value of stock awarded to Jackson was $25.9 million, according to a regulatory filing.

Just warms my heart to know those hard working folks got nice bonuses :P
Another One

United States

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#23
Feb 19, 2010
 
Yes, they got raises while the former "partners" are going bankrupt. Doesn't it just make you feel all warm and fuzzy inside.
old chicken farmer

Smithville, TX

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#24
Feb 19, 2010
 
I find some of the figures very questionable. Reduced the head count by only 800? I was under the impression there were far greater number of workers let go. With the layoffs at the corporate headquarters alone the number was reported to be 260. The Clinton, Ark., El Dorado, Ark., and Dougals, Ga. plants had to employ more than 540 workers. As far as Don Jackson salary, it would not suprise me. This is corporate piracy in full bloom. That is how these people justify the downright vulgar amount of money they are paid for supposedly saving this rotten company. But one must remember, it was the CEO's and board of directors that bankrupt this company in the beginning. So let's see, ruin the company, cause thousands of families to suffer financial ruin, and then get a bonus for fixing the mess they created. Folks, something is bad wrong with this country when this is far to often the way corporation operate. Boycott Pilgrim's Pride products.
old chicken farmer

Smithville, TX

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#25
Feb 19, 2010
 
How much more abuse are the working people of America going to tolerate from the "corporate elite" before they began to say, "enough is enough" and rebel. Stop eating chicken and Boycott Pilgrim's Pride products.
Arkansas Grower

United States

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#26
Feb 19, 2010
 
There is still a lawsuit against pilgrim by a group of growers that pilgrim is fighting as hard as they can. There is over 500 growers in this one suit. All are growers who were cut off and have no way to pay for loans. Just pray that all the fighting pilgrim is going to help them. Let's pray that the "little guy" wins for once.
canceled grower

Saint Louis, MO

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#27
Feb 19, 2010
 
I hope the best for all the growers

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