Pilgrim’s Pride’s Chapter 11 bankruptcy exit plan was approved this week paving the way for the poultry processor to become part of a large Brazilian beef company. Under the Chapter 11 bankruptcy, all creditors with allowed claims will receive full repayment, which is rare during bankruptcy. While the company plans to actually exit bankruptcy by the end of 2009, Pilgrim must still close a deal that …

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Pilgrim’s Pride which filed for bankruptcy last December with $2.72 billion in debt is preparing to exit bankruptcy.  The nation’s largest chick processer has secured $1.65 billion in proposed financing and is planning to ask a bankruptcy judge for approval of their plan to exit bankruptcy next week.  However, the plan faces the challenges from the U.S. Department of Agriculture.

In its objection …

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In their effort to consolidate jobs and streamline processes, Pilgrim’s Pride which was purchased by JBS USA during Chapter 11 bankruptcy, implemented 230 corporate and administrative job losses, including 160 job losses in East Texas.

“We operate a lean corporate structure,” said spokesman Chandler Keys. “One of the main goals is to make sure we don’t have layers of bureaucracy.”

While more job losses aren’t currently planned, Keys did not rule …

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Pilgrim’s Pride, which emerged from bankruptcy this week has scolded American banks who received bailouts, saying that not one bank offered the poultry company credit after its bankruptcy.  A fact, says Pilgrim’s Pride, that forced it into the arms of foreign lenders.

A bankruptcy judge approved a deal in which JBS of Brazil invested $800 million in the Pittsburg-based company, receiving in return …

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According to an article in the Star-Telegram, Pilgrim’s Pride Corp. submitted a Chapter 11 bankruptcy reorganization plan to the bankruptcy judge as the first step in obtaining court approval for a sale of the company to Brazilian beef producer JBS SA.

The article said:

“The Pittsburg, Texas-based chicken producer filed its plan and a plain-English explanation of it, called a disclosure statement, to a bankruptcy judge for approval. If …

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The high unemployment rate and tight credit markets have caused consumers to decrease their spending which has many economists fearing that an increase in savings will derail the U.S. economy. Since spending accounts for 70 percent of the United States’ total economic activity, the rapid decline in spending has hurt everyone from retailers to banks.  Many consumers have been hesitant …

According to an article in Forbes , the U.S. Supreme Court will listen to oral arguments for and against the discharge of student loans in bankruptcy.  The debate will center around the Chapter 13 bankruptcy case of Francisco Espinosa who was able to obtain a partial discharge of his student loans in bankruptcy. That discharge was later challenged by the student loan lender.

The …

According to an article in the Bloomberg, U.S. consumer bankruptcies rose past 1 million during the first nine months of 2009. That’s the highest number of bankruptcies since the 2005 changes to bankruptcy laws.

The article said:

“Personal bankruptcies totaled 1,046,449 for the period, according to the American Bankruptcy Institute and National Bankruptcy Research Center. For the …

An article in Reuters announced that the U.S. Postal Service is hoping to slash 30,000 jobs by offering buyouts to union employees.

The article said:

“The incentive for voluntary resignations and early retirements among a pool of veteran workers by the end of September is part of a drive to cut costs by $6 billion this fiscal year, the Postal Service said… The majority of those offered …

The U.S. Supreme Court has agreed to review and determine the constitutionality of two key provisions in the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA).

This fall the court will determine:

Who qualifies as a “debt relief agency”?

Under §526 of the statute, a debt relief agency is defined as “any person who provides any bankruptcy assistance to an …

According to an article in the Star-Telegram , a bankruptcy judge has approved the General Motors’ sell of its assets to a new company.

The article said:

“U.S. Judge Robert Gerber said in his 95-page ruling late Sunday that the sale was in the best interests of both GM and its creditors, whom he said would otherwise get nothing…”As nobody can seriously dispute, the only …

According to an article in the Dallas Morning News , a government report noted that U.S. home prices fell 6.3 percent in January from the same month in 2008. Such a significant drop in home prices is negatively affecting homeowners here in Texas, especially those facing foreclosure . Homeowners facing foreclosure are finding it nearly impossible to sell their homes, not just because there …