Pilgrim’s Pride, the nation’s largest poultry producer, filed for Chapter 11 bankruptcy protection in federal court Monday.

The move had been long expected on Wall Street. The high cost of feed, combined with an oversupply of poultry on the world market, cut sharply into company profits in recent months.

Ray Atkinson, director of corporate communications for Pilgrim’s, said the company has no plans for additional layoffs or plant closings, however.

“We are not going out of business, and we expect it to be business as usual,” Atkinson told the Democrat by email Monday. “By filing for Chapter 11, we will be able to gain immediate liquidity in order to accelerate planned improvements in operations and merchandising while continuing to run our operations in the ordinary course and focusing on improving the cost structure of our business.”

Chapter 11 allows a company to remain in control of its operations while attempting to reorganize — which can take months or years.

Pilgrim’s Pride asked the bankruptcy court for “permission to continue paying employee wages and salaries, to provide employee benefits without interruption, and to continue its various customer programs,” according to a company press release.

The company is also arranging a $450 million loan to help pay costs of daily operations as well as employee wages and other obligations, according to its website.

Shares of Pilgrim’s Pride stock fell to 62 cents before trading was suspended on the New York Stock Exchange Monday.

The Pittsburg, Texas-based company filed for Chapter 11 in the U.S. Bankruptcy Court for the Northern District of Texas. The company had been granted an extension by its creditors until noon Monday. This was the third such extension since September.

The Suwannee County Pilgrim’s Pride plant employs more than 1,300 workers and supports farmers and growers throughout the region.