Business News
Pierre Foods Emerges From Chapter 11
Monday 15. December 2008 - William Toler Named Chief Executive Officer; Company Well-Positioned for Sustainable Growth
Pierre Foods, Inc. (the “Company” or “Pierre”) today announced that it has successfully emerged from Chapter 11 bankruptcy protection. The Company officially concluded its Chapter 11 restructuring after meeting all statutory requirements for its Plan of Reorganization (the “Plan”). In connection with its emergence, the Company also announced that William Toler, has been named Chief Executive Officer of the Company, effective today. Mr. Toler succeeds Norbert Woodhams, who is retiring from the Company.
As previously announced, Pierre’s Plan was confirmed by the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) on December 10, 2008. In conjunction with the Plan, Pierre has also closed its $95 million exit financing facility.
“Pierre Foods is emerging from Chapter 11 with a strengthened balance sheet and is well positioned to capitalize on the significant opportunities we see today and in the future,” said Mr. Toler. “The entire team is energized and looking forward to continuing our growth as a stronger company. In only five months, the Company has effectively addressed its financial and operational challenges and laid a strong foundation for its future. The expeditious restructuring of Pierre is a testament to its loyal employees, dedicated customers and vendors and the strong relationship we have with our new owner sponsor, Oaktree Capital Management. I believe everyone at the Company is energized and excited to continue this success as we begin operating outside of Chapter 11.”
Mr. Toler continued, “It is an honor to be given the opportunity to lead Pierre’s talented team of employees. We will get started right away and utilize the positive momentum from the emergence from Chapter 11 to keep the Company moving in the right direction. While there is still work to be done, I believe Pierre is now a financially stable company and can be a major competitor in the industry. On behalf of everyone at Pierre, I would like to wish Norb the best in his future endeavors.”
As of today, Pierre’s new Board of Directors includes:
— Steven Kaplan – Chairman of the Board
— William D. Toler – Director
— Matthew Wilson – Director
Additionally, the Company expects to announce the appointment of two new members of the Board in the coming weeks.