British banking and financial services company Barclays may acquire 70%stake in the French poultry firm Doux,a move that could keep the debt-ridden company afloat and protect nearly 3,400 jobs.
Doux,which entered into administration in June 2012,owes€140m to Barclays.
A Doux spokesperson told Reuters that the company has sent a plan to a commercial court in northwest France,which features participation as well as equity swap for debt by Barclays.
According to the plan,Saudi company Al-Munajem would also acquire a 10%stake in the poultry firm,the news agency reported citing a source.
The€28m recovery plan will enable Doux to keep functioning during the court protection period and safeguard jobs.
Doux,one of the world's largest poultry exporters,was put into administration by a court in Quimper after the company suspended payments to its creditors.The company struggled with high farm input prices and increased competition,and was burdened with a debt of€340m.
The Doux family currently owns 80%of the company,while French global banking firm BNP Paribas holds a 20%stake.
