France’s Tilly-Sabco Bretagne in administration
One investor has backed out and company’s chairman has resigned
The court’s decision followed discussions with the provisional administrator and staff representatives.
In December of 2014, the company and 200 jobs were saved from previous bankruptcy through its acquisition by three investors - MS Foods of the UK, Morlaix Chamber of Commerce and Breizh Algae Invest. In November last year, the latter withdrew its stake. No further investors came forward, and the chairman of the board resigned earlier this month.
Head of the staff association, Corinne Nicole, said that there are currently negotiations with a serious player interested in the company’s recovery.
In stark contrast, Europe’s top poultry meat company, French-based LDC recently reported favorable results for 2015-16, with turnover up by almost 15 percent and lower feed costs.