January 14, 2009

Pilgrim's Pride stock will be removed from the New York Stock Exchange (NYSE) on January 22, according to a Securities and Exchange Commission filing.

Pilgrim's Pride had been suspended on the exchange since its bankruptcy filing. The Commission filing said Pilgrim's Pride could have appealed the suspension within 10 business days of receiving the de-listing notice but the company did not do so.

The NYSE generally requires stocks to trade over US$1, but Pilgrim's Pride stock had declined below that mark prior to its bankruptcy filing.

The company, which was the largest poultry producer in the US, lost US$1 billion in fiscal 2008 due to high grain prices, oversupply of meat on the market and weak demand. The US$1.3 billion acquisition of rival Gold Kist Inc. in 2007 was also seen as an ill-advised move, as it saddled the company with a large debt.

Pilgrim's Pride has since named Don Jackson as its president and chief executive officer to replace his predecessor Clint Rivers and former chief operating officer Robert Wright, both of which had resigned from the company.