Creditors request lifting of injunction protecting Folli Follie’s assets; stake in mall possibly on selling block

11 September 2018
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Greece-based Folli Follie’s creditors on Friday requested the removal of an injunction protecting the retailer and jewellery accessory maker’s assets, after reporting overdue loans worth nearly 45 million euros.

Creditors include all four of Greece’s systemic banks, National, Eurobank, Piraeus and Eurobank.

Greek capital market regulators began an investigation of FF group earlier in the year, following allegations by NYC-based equity fund Quintessential Capital Management (QCM) that the multinational inflated the number of stores it operates around the world and also over-reported revenues.

Trading of its shares on the Athens Stock Exchange has been suspended.

The banks’ motion will be discussed on Sept. 12 by a first instance court in Athens.

The development also generated speculation over the sale of FF’s 36-percent stake in the upscale Attica mall in downtown Athens, viewed as a significant asset in the company’s portfolio.

The breakdown in terms of outstanding loans owed to creditor banks is: Alpha, 5.057 million euros; NBG, 21.497 million euros; Eurobank, 6.503 million euros; and Piraeus Bank, 10.034 million euros.

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