Premier Foods seeks to reassure investors concerned with recent fall in company's stock price, says it has maintained full-year expectations; shares have fallen more than 50% since late March
June 13, 2012
– Premier Foods sought to reassure investors concerned with the recent fall in the company’s stock price, saying that it maintained its full-year expectations, Reuters reported June 12.
Shares of Premier Foods have fallen more than 50% since late March and the company is dealing with debt of close to ₤1 billion (US$1.6 billion) that it built up during a spending spree prior to the credit crunch in 2007.
Premier Foods has been in a number of debt refinance talks and has undertaken a restructuring program that includes cutting costs and jobs. Also, earlier this month the company lost chairman Ronnie Bell when he resigned to pursue other interests.
The primary source of this article is Reuters, London, England, on June 12, 2012.