Debt delayed acquisition of Doux by JBS
The ten-year lease with an option to purchase the assets held by Doux Frangosul in Brazil by JBS was only delayed by the issue of timeframes. The problem was the debt of almost R$ 500 million held by the subsidiary of the French multinational in Brazil, and which could not be negotiated with the creditor banks in time to prevent the total collapse of the operations.
"I started out looking to buy, but if we had not sorted this out now the company would have collapsed because it had no cash to pay employees or to feed the animals," said the president of JBS, Wesley Batista. "The was no time to negotiate the debt," he added.