Barclays, the main bank creditor of indebted French poultry group Doux, has proposed to swap a €140 million (US$169.73 million) loan for an 80 percent stake in the company, leaving Doux a 20 percent minority stakeholder in the business, according to reports. Barclays has said it wants to then sell off parts of its holding to potential partners.
The leading competing bid to take over Doux has come from oilseed financial group Sofiproteol, and a court hearing is scheduled for July 27 to review proposed plans. Roughly 1,000 jobs are expected to be lost no matter who wins the bid. While Sofiproteol has put forward an offer to take over some of Doux's assets, it would not take over the company's debts, as it would be part of a sale process following a bankruptcy.
The judge directing the hearing is set to adjourn its decision for further deliberation, and a verdict isn't likely until August at the earliest, according to reports.