Barclays, the main bank creditor of indebted French poultry group Doux, has proposed to swap a €140 million loan for an 80% stake in the company, reports suggest.
The deal would leave Doux, which entered into administration in June after it failed to reach a deal with creditors, a 20% minority stakeholder in the business.
Barclays had laid the responsibility for the move with boss Charles Doux who reportedly rejected a proposal that would have provided millions of euros in aid for the company. He then refused to give up his majority stake. By accepting the deal with Barclays, it would be a sign of backtracking.
The world’s fifth-largest poultry exporter, with clients in 130 countries, Doux fell victim to a rise in farm input prices and increased competition that squeezed already thin profit margins and rendered massive debts unsustainable.
Doux employs 10,000 people globally including 3,400 in France.