Groupe Doux, the French poultry processor, has left administration after 18 months, after securing court backing for a change of ownership at the company.
A court in Quimper on Friday (29 November) approved Doux’s “continuation plan”, which includes investment fund D&P taking a majority stake in the company.
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Doux entered administration last June with debts of EUR430m (US$582.6m). Commodity costs were a key factor in Doux amassing the debts although the company ran up around EUR200m in debts from a failed venture in Brazil.
In its time in administration, Doux has restructured the business, selling off plants and modernising others. It has said it has returned into the black.
D&P, controlled by French businessman Didier Calmels, is set to take a 52.5% stake in Doux.
Almunajem, which distributes Doux’s products in Saudi Arabia, will own 25% of the business. The Doux family will retain a 22.5% stake.
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By GlobalDataDoux said the business could “resume their conquest of new markets while reaffirming their leadership”.
