French Court Approves New Survival Plan for Doux03 December 2013
FRANCE - The Commercial Court of Quimper in France has approved the plan that will allow the troubled Doux Group to continue operations.
The company went into receivership last year and has been struggling to continue, threatening the jobs of thousands of poultry farmers and processing workers in France.
According to the French Agriculture Minister Stéphan LeFoll and the food minister Guillaume Garot the decision marks a new milestone for the group, for its employees and for the poultry industry.
The ability to come out of official receivership and the announcement of an input of capital from Saudi Arabian group Al Munajem at the start of 2014 open new prospects for the poultry exports industrywide, according to Mr Le Foll.
He said that the government will continue to work to create the conditions for successful continuation plan, the preservation of jobs in the Doux Group and the maintenance of a large export sector, as it has done since May 2012.
Last week, at a meeting with the European Commission, proposals were drawn to support investments in farms and processing tools to restore competitiveness and to establish specific mechanisms for 2014 for the transition to a new model for the export sector.
In the coming weeks, the French government will work actively in the development of these tools and will closely monitor the situation of the two players in the export maket Doux and Tilly Sabco.
Mr Le Foll said that the government will also continue to make every effort to ensure that employees dismissed during court proceedings against the Doux group will find other jobs.
ThePoultrySite News Desk