Reuters: Bankruptcy News: Bid deadline extended for French poultry firm Doux

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Bid deadline extended for French poultry firm Doux Jun 29th 2012, 14:14 RENNES, France, June 29 | Fri Jun 29, 2012 10:14am EDT RENNES, France, June 29 (Reuters) - The administrators of debt-burdened French group Doux, one of the world's biggest poultry exporters, have extended a deadline for takeover bids by three days to July 5, a Doux spokesman said, as interest increased in buying the company. The family-owned firm went into administration at the start of June with debt of 340 million euros ($423 million), putting at risk 3,400 staff and about 800 poultry farmers in France. Its plight has prompted the intervention of France's new Socialist government, which is trying to avoid a wave of factory closures after unemployment hit its highest level since 1999. The administrators announced a bidding process last week as they seek ways to avert a collapse of the company. "All options are open. They could decide on a part or complete takeover, or also the continuation of the monitoring period," the Doux spokesman said of the bidding process. Doux has already attracted interest from rival poultry group LDC and animal-feed maker Glon Sanders. A source close to the matter said a total of 20 agri-food companies had expressed interest in acquiring some or all of Doux. Union sources at Doux said a commercial court would hold a hearing on July 16 to consider bids selected by the administrators. Doux has secured 19 million euros in proceeds from the sale of a pet food plant, and the company said on Friday it had been paid another 5 million euros owed to it by retail customers. The regional authorities in Brittany, meanwhile, voted on Thursday to provide 4 million euros in aid for Doux suppliers, notably farmers, affected by the group's financial problems. ($1 = 0.8047 euro) (Reporting by Pierre-Henri Allain; Writing by Gus Trompiz, editing by Jane Baird) Link this Share this Digg this Email Reprints

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