Friday 13 July 2012
Bankers bail out poultry giant
The French poultry producer Doux has been given a line of credit to the amount of 35 million euro to pay its suppliers and avert a breakdown in deliveries, Bloomberg reports.
The line of credit was advanced by a banking consortium made up of Barclays Plc, Credit Agricole SA, Credit Mutuel de Bretagne and a number of other banks.
The money is to be used to ensure Doux remains operating.
The credit is expected to allow Doux to operate normally for several months.
The French poultry producer, one of the world’s largest, went into bankruptcy protection last month.
The French government and the Ministry of Agriculture in particular, have been looking for solutions to help the ailing firm, which employs 3,400 individuals and upon which some 800 poultry famers depend on.
Source: Argentine Beef Packers S.A.
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