Chicken processing giant Pilgrim's Pride Corp., Pittsburg, Texas, said it hired William Snyder, managing partner of CRG Partners Group LLC, Dallas, as chief restructuring officer.

Bankruptcy is "highly probable" according to CreditSights, a New York-based research firm.

The Wall Street Journal recently profiled Pilgrim's Pride Corp. and said the Pittsburg, Texas-based poultry giant may soon need bankruptcy protection.

Turkey processor Butterball  LLC plans to officially open its new corporate headquarters in Garner, N.C.

Citing feed costs and an oversupply of chicken, Pilgrim's Pride Corp., Pittsburg, Texas, said it will lay off 116 workers at the company's Franconia, Pa., plant.

Pilgrim's Pride Corp., Pittsburg, Texas, announced that it plans to idle a chicken processing plant in Clinton, Ark., as well as a further-processing facility in Bossier City, La.

Private label pizza processor J.O.Y. Foods Inc. formed a joint venture with poultry giant Pilgrim's Pride Corp. to supply McDonald's chicken nuggets, patties and fillets.

Citing raw material price increases, prepared meats and entrees processor Pierre Foods Inc. said it voluntarily filed for Chapter 11 bankruptcy relief to restructure debt.