Court OKs Pilgrim's Pride reorganization plan
Court Alerts
A court approved chicken producer Pilgrim's Pride Corp. plan for reorganization on Thursday, and the company said it expects to emerge from bankruptcy court protection this month.
Pilgrim's Pride filed for Chapter 11 protection last year facing high debt related to its buyout of rival Gold Kist Inc. in 2007 and rising feed costs that left much of the industry in a slump.
The U.S. Bankruptcy Court in the Northern District of Texas approved the reorganization plan Thursday, the company, based in Pittsburg, Texas, said in a news release.
The plan includes selling a majority stake worth $800 million to Brazilian beef giant JBS. The transaction includes paying off Pilgrim's Pride's creditors in full and distributing new shares to current holders.
The deal, which was announced in September, is unusual for a company in a bankruptcy case; more typically, creditors aren't repaid. The entire deal is valued at $2.8 billion.
Along with a deal to buy Bertin SA, one of Latin America's largest producers and exporters of milk products, beef and leather, buying Pilgrim's Pride would make JBS the world's biggest meat producer. The purchase of Gold Kist, worth more than $1 billion, had made Pilgrim's Pride the largest chicken producer in the U.S., with about 23 percent of the market before it filed for bankruptcy protection last year.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.