The French group Doux, Europe's top producer of poultry and processed chicken, was put into administration on Friday after failing to reach a deal with creditors.
The world's fifth-largest poultry exporter that has clients in 130 countries, had earlier in the day declared it was halting all payments and turned to the court.
"A court-appointed administrator will assist the company's management to finalise a plan on continuing operations in France that will try to save jobs and keep the company going," said Doux, the leading French recipient of EU farm funds at 59 million euros ($73 million).
The company employs 10,000 people globally including 3,400 in France.
Doux fell victim to a rise in farm input prices and increased competition that squeezed its already thin profit margins and made its massive debts unsustainable.
Farm unions put the debt of the unlisted company that does not release regular financial results at more than 430 million euros, including nearly 300 million for its loss-making Brazilian subsidiary Frangosul.
Doux reported 1.4 billion euros in sales in 2010. The Doux family owns 80 percent of the company and BNP Paribas bank 20 percent.
Source: AFP Global Edition