French court delays Doux ruling

03-08-2012 | |
French court delays Doux ruling

The decision on the future ownership of debt-burdened poultry group Doux, has been put back until October as a French court declines to choose either of two rescue plans submitted.

Family-owned Doux, one of the world’s largest poultry exporters, went into administration at the start of June, alarming the country’s new Socialist government that is trying to stem a tide of factory closures as unemployment stands as its highest since 1999.

The family owners submitted a plan to maintain the company by giving Barclays bank an 80% stake in exchange for forgiving debt of 140 million euros ($172.42 million). This countered a takeover offer from a consortium of French agri-business groups, led by oilseed giant Sofiproteol, to divide most of Doux’s activities between them.

Source: Reuters

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