Zacky Farms LLC, a Fresno, California-based poultry producer, filed for bankruptcy with plans to sell itself to pay creditors owed as much as $100 million. The closely held company blamed the filing on heavy debt and soaring feed costs in papers filed in U.S. Bankruptcy Court in Sacramento, California. Zacky listed as much as $100 million in assets. "Normal operations and customer service will continue without disruption," Zacky officials said today in a statement.
The poultry industry has been under "severe stress due to historically high corn and soybean meal prices" leading to "significant operating losses" in its turkey and chicken business, the company said. Read More