June 18, 2012

Doux to receive US$44.2 million credit line

Barclays, Crédit Agricole SA and Crédit Mutuel de Bretagne have provided a credit line of US$44.2 million to French poultry group, Doux, for payment to its suppliers, along with animal transport and packaging costs, according to reports.

According to a French newspaper, Arnaud Montebourg, minister of industrial renewal, and Stéphane LeFoll, minister of agriculture, convinced the bank consortium to initiate the transaction.

A crisis team was set up under Montebourg to help Doux from permanent closure. "This was an ongoing issue at the Ministry," said a French governmental representative to Les Échos. Everyone was encouraged to "extinguish these fires," he added.

This credit line allows Doux's processing plants to return to normal operation for several months.