Embattled French pork giant Gad has been given more time to finalise a plan to save the company, which has accumulated debts of around EUR100m.
Yesterday (21 August) a French court announced the extension of Gad’s period in administration until 16 October. However, the deadline for the submission of any rescue plan is 18 September.
A spokesman for Gad told just-food the plan, to which the company’s main shareholder, Cecab, would contribute around EUR20m, focused on operating from a single site in Brittany.
“The plan is still under discussion but it does entail the closure of an abattoir and another plant Saint-Nazaire (producing cold meats) and also the company’s HQ,” he explained.
That will affect around 950 workers. The plan makes provision to create 300 new jobs at the plany, he added.