Texas Pols, Make Sure Those Checks Have Cleared -- It's Bankruptcy Time For Bo Pilgrim
Ah, Bo Pilgrim -- it takes a tough man to go from passing out checks on the floor of the Texas Legislature to filing for Chapter 11 bankruptcy, but you've done it.
Pilgrim's Pride, the toast of Pittsburg, Texas, announced today that it's seeking bankrputcy protection "in an effort to address certain short-term operational and liquidity challenges," which is what we used to say in college a few days before payday.
"Over the past year, Pilgrim's Pride has faced a number of significant challenges including high feed-ingredient costs, an oversupply of chicken, weak market pricing and softening demand," said Clint Rivers, president and chief executive officer of the company.
The announcement emphasized that Pilgrim's Pride operations will continue throughout the court proceedings, so we assume Pilgrim will still be employing illegals and spreading chicken shit and guts into waterways everywhere they can.
Pilgrim, of course, has Rick Perry and George W. Bush in his list of people whom he's given copious amounts of cash to, so if he needs help in high places, he can probably get it. For a while.
-- Richard Connelly
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