Embattled French poultry giant Groupe Doux has sold a facility in Bretagne as part of its plans to ensure the company can function normally.
Doux, which last month obtained emergency funding totalling EUR17m (US$21.4m), last week received approval from the French courts to sell the Finistere-based facility.
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As a result, the company has now sold the facility to Germany-based Saria Industries for EUR22m (US$27.7m), a spokesperson for Doux told just-food today (2 July).
Doux, which went into administration earlier this month, last week received the necessary cash flow to guarantee its day-to-day running. Negotiations, however, are continuing to find the full capital necessary to see Doux through its six-month period under court protection and pay off arrears owing to breeders, which run into tens of millions of euros, which takes precedence over the refinancing of Doux’s debts.
According to reports today, Doux has attracted around 20 takeover bids in the last week. The spokesperson, however, declined to comment on the reports and the administrator could not be reached at time of press.
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