Pilgrim’s Pride announced today that it is filing for Chapter 11 bankruptcy.

The company had been given an extension from its creditors on Nov. 26 until noon today. Pilgrim’s had been granted two prior extensions in recent weeks.

Pilgrim’s Pride is also arranging a $450 million debtor-in-possession loan to help pay costs of daily operations and to pay employee wages and other obligations, according to the company website.

Pilgrim’s Pride has 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 local Pilgrim’s Pride chicken processing plant employs more than 1,300 workers and supports farmers and growers throughout North Florida and South Georgia.

Later on this site, and in Wednesday’s Suwannee Democrat: What’s in store for Pilgrim’s employees and growers?