Pilgrim's Pride equity trading restrictions approved

By Caroline Salls

Pittsburgh, Feb. 17 - Pilgrim's Pride Corp. received court approval to establish notification procedures and restrictions on transfers of the company's common stock to preserve tax attributes, according to an 8-K filed with the Securities and Exchange Commission.

According to the court order, substantial equityholders, defined as owners of at least 3.52 million shares of Pilgrim's Pride common stock, must notify the company of their status and any intent to sell or trade the stock.

The company would then have 20 days to object to the transfer. If the company objects, the stock in question can only be traded or sold with bankruptcy court approval.

Pilgrim's Pride, a Pittsburg, Texas-based poultry processor, filed for bankruptcy on Dec. 1 in the U.S. Bankruptcy Court for the Northern District of Texas. Its Chapter 11 case number is 08-45664.

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