After an 18-month wait, the French poultry processor Groupe Doux has left administration, thanks to court approval of an ownership change at the company.
The company went into receivership in June 2012 with debts of €430 million and has been struggling to continue, threatening the jobs of thousands of poultry farmers and processing workers in France.
A court in Quimper last week approved Doux's "continuation plan", which includes investment fund D&P acquiring a majority stake in the company.
D&P, controlled by French businessman Didier Calmels, will now own 52.5% of Doux.
Almunajem, which distributes Doux's products in Saudi Arabia, will own 25% of the business.
The Doux family will retain a 22.5% stake. Doux said the business could "resume their conquest of new markets while reaffirming their leadership".
According to the French Agriculture Minister Stéphan LeFoll and the food minister Guillaume Garot the decision marks a new milestone for the group, for its employees and for the poultry industry.
Mr Le Foll said that the government will make every effort to ensure that employees dismissed during court proceedings against the Doux group will find other jobs.
© 2013 - European Supermarket Magazine by Kevin Kelly
