BUSINESS

Rothschild looking for investors for Folli Follie

ILIAS BELLOS

TAGS: Business

Investment bank Rothschild is said to be seeking funding on international markets to finance troubled Greek-based jewelry company Folli Follie, either via refinancing existing bonds or through other means.

The Athens-listed company has hired Rothschild, asking it to restructure the group’s activities, which implies the existence of serious problems in the structure, operations and the financial and commercial position of the group on the domestic and international markets.

However, reliable sources told Kathimerini that Rothschild has also taken on the role of seeking out investors too. It appears to be out looking for funds that, under certain conditions, would refinance the group’s existing obligations, although restructuring Folli Follie would also require fresh capital.

In the next few weeks Alvarez & Marsal is expected to complete detailed financial and legal inspections across all offices and installations of the group in Greece and abroad, particularly in Asia. This “Corporate Forensic Investigation” is a prior action required for the completion of the audit that Ernst & Young is implementing at Folli Follie. Shareholders and creditors expect this process to offer a clear picture and definitive answers to the questions hanging over the company.
 

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