Greek court rejects Folli Follie’s resort seeking protection from creditors

A Greek court of First Instance on Monday rejected a resort by Folli Follie seeking protection from its creditors.

The resort was rejected because Folli Follie included its subsidiary company Finance Luxembourg II SA as a creditor. Following this decision, Folli Follie failed to gather the required by the law creditor agreement percentage and thus the company is not eligible to be included in the creditor protection process.

Folli Follie was seeking precautionary protection with the consent of its subsidiary FF Group Finance Luxembourg II SA, issuer of two bond loans, worth 50.4 and 102.4 million euros, representing 28.69 pct of the company’s debt.

Source ANA-MPA
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