Athens court rejects Folli Follie request for temporary protection from creditors

An Athens first instance justice on Monday rejected Folli Follie’s motion for temporary protection from creditors, with the beleaguered Greece-based retailer and accessory maker now facing the prospect of judicial challenges for its assets.

The specter of an unstructured bankruptcy is now, theoretically, a possibility.

With the court ruling, FF Group’s management and legal team must work out an agreement with creditors and seek financing for a restructuring plan.

A group representing investors in the country has already filed and received a first injunction against FF, ordering a temporary freeze of assets totalling 2.5 million euros.