BUSINESS

Many trying to opt out of Folli Follie

ILIAS BELLOS

TAGS: Business

Almost all of Folli Follie’s stakeholders and creditors are in the process of exploring the alternative legal moves available to protect them from a possible collapse of the blue chip company.

At the same time, Folli Follie’s chief executive officer George Koutsolioutsos appears cooperative toward banks and regulating authorities, but has still not produced any data that would appease the people he meets with, according to Kathimerini sources.

In a meeting yesterday between the head of the troubled group and representatives of the country’s four systemic banks he confirmed his consent to mortgaging company assets for the loan amounts not covered by collateral.

Leaks have come from Hong Kong’s Fosun, which controls more than 16 percent of Folli Follie, saying that it is examining its options due to the Greek company’s inability to present the clarification demanded.

A problem may also emerge with Folli Follie bondholders, who hold debt of 400 million euros – a debt that is being properly serviced for the time being – as they are examining the details of their contracts in the hope of disengaging from the company.
 

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