Doux Put into Administration

FRANCE - French group Doux, Europe's top producer of poultry and processed chicken, was put into administration on Friday (4 June) after it failed to reach a deal with creditors.
calendar icon 5 June 2012
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The world's fifth-largest poultry exporter, with clients in 130 countries, Doux had declared earlier in the day that it would halt all payments and turn to a commercial court in Brittany, western France, reports China Post.

“A court-appointed administrator will assist the company’s management to finalize a plan on continuing operations in France that will try to save jobs and keep the company going,” said Doux, the leading French recipient of EU farm subsidies at €59 million (US$73 million).

The company employs 10,000 people globally including 3,400 in France.

French officials and the British bank, Barclays, which was involved in trying to find a way to keep the company running, issued statements that laid responsibility for the move at the feet of Charles Doux, the company’s boss, according to China Post.

According to a statement issued by the ministries of re-industrialisation and agriculture, Doux personally rejected a proposal that would have provided €35 million in aid.

“This decision is his sole responsibility,” the ministries said.

According to China Post, Barclays said it was “extremely disappointed by the decision taken by Mr Doux to abandon ongoing discussions,” a move it said was “taken unilaterally, without consultation with parties working on a rescue for the company.”

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