Barclays, one of Doux’s main creditors, is set to assume control of the French poultry group, Reuters reports.
A union representative said that Barclays is set to assume control of Doux next month.
Barclays is expected to take an 80% stake in Doux, which went into court administration in early June, in exchange for forgiving debt of €140 million (US$175 million).
“The transformation of Doux’s Barclays debt into 80 percent of its capital should be implemented on September 10,” Raymond Gouiffes of the CGT union told Reuters following a meeting of the company’s works council.
Gouiffes further revealed that a Barclays representatiave had been added to the interim Doux management team.
A French commercial court has ordered the liquidation of Doux’s money-losing fresh poultry operations, which have attracted five bids. The court is due to review the offers on September 5.