June 25, 2012
 

French poultry group Doux seeks buyers

Troubled French poultry group, Doux, is looking for parties to acquire its entire business and maintain its survival, according to one of its administrators.

Regis Vaillot said in a statement that the administrators wanted to avoid a breakup of the company and would also remain open to a possible refinancing of the group, which is 80% owned by its founder, Charles Doux.

The company, one of the world's largest poultry exporters, was placed in administration on June 1 after saying that it had suspended payments to creditors.

It said previously its debt of EUR340 million (US$426.21 million) included EUR200 million (US$251 million) in Brazil, where it bought subsidiary Frangosul in 1998, and EUR140 million (US$175.4 million) owed to the bank Barclays.

Doux on Friday (June 22) dismissed a report in French daily, Le Monde, that it planned to break itself up.

In addition to employing 3,400 staff in France, Doux also has supply contracts with some 800 poultry breeders.