UPDATE 2-Pilgrim's Pride to seek approval on reorganization

* Company gets OK to solicit approval on reorg plan

* Sees emerging from Ch. 11 bankruptcy before year-end

* Shareholder ballots due Dec. 1 (Changes to CHICAGO; recasts, adds details, background)

CHICAGO, Oct 22 (Reuters) - Bankrupt U.S. chicken producer Pilgrim's Pride Corp (PGPDQ.PK) said on Thursday it received court approval to begin soliciting shareholder acceptance of its reorganization plan, with shareholder voting to be completed by Dec. 1.

The Pittsburg, Texas-based company said all shareholders of record as of Oct. 22 are entitled to vote on the plan, which is pending before a U.S. Bankruptcy Court for the Northern District of Texas.

A court hearing on confirming the reorganization plan is scheduled for Dec. 8.

Pilgrim's Pride expects the plan to be confirmed by the court in time for it to emerge from Chapter 11 bankruptcy protection before the end of the year, it said.

Creditors will not be voting on the plan and will be fully repaid upon the company's exit from bankruptcy, it said.

The company entered bankruptcy in December 2008 after a year of losses due to high feed costs, low chicken prices, and large debt. Since then it has closed and sold plants and reduced production.

Part of its reorganization plan includes selling a majority stake to Brazilian meat company JBS SA (JBSS3.SA). Under the deal, JBS would buy 64 percent of the common stock of the reorganized company for $800 million.

U.S. regulators earlier this month approved the JBS deal, but it still needs bankruptcy court approval. (Reporting by Bob Burgdorfer, with additional reporting by Martinne Geller; editing by Gunna Dickson and Gerald E. McCormick)