http://money.cnn.com/2008/12/01/news/companies/Pilgrims_Pride.ap/index.htm?postversion=2008120112 
The Pittsburg, Texas-based company sought the bankruptcy protection in a filing with the U.S. Bankruptcy Court for the Northern District of Texas on Monday.
The company has been saddled by debt due to the acquisition of its rival Gold Kist Inc. and has had to extend its temporary credit line three times since September.
My Response: The Pilgrim's Pride has many beliefs in this situation, but one belief that is clearly obvious. They believed that they would one day catch up to their competitor Gold Kist Inc., and continued to dig a deeper debt hole by taking out credit. The company thought that by oversupplying, they would satisfy their costumers needs, but it only backfired on them and left they with expiring products.
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