A court in France has approved a rescue plan for French co-operative group Unicopa’s poultry abattoir subsidiary, Tilly-Sabco.
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The business went into administration in August 2006 as a result of flagging demand in the wake of a bird flu scare.
During its period in administration, Tilly-Sabco shed 100 personnel and cut processing volume cut by 40%.
The court reported that Tilly-Sabco had made a profit of EUR771,000 (US$1.1m) in the first seven months of last year, results that followed a profit of EUR530,000 between August and December 2006.
The rescue plan makes provision for the repayment of debts to creditors on an annual basis until 2017.
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By GlobalDataA senior Unicopa official told just-food that the co-op is planning to invest EUR6m in Tilly-Sabco over the next five years in modernising plant facilities, particularly those for the packaging of products.
Exporting around 95% of its output, mainly to countries in the Middle East, Tilly-Sabco is expected to post a 2007 turnover of EUR80m.
