Folli seeks creditors' approval on a revised restructuring plan (updated)

Folli Follie SA

16/07/2019 07:06

(Adds comments from company)
    ATHENS, July 16 (Reuters) - Jewellery maker Folli Follie
 HDFr.AT  has launched a revised proposal to secure consent from
its creditors on its restructuring and secure its viability, the
troubled Greek company said on Tuesday.
    The step is key for the firm, which has debt of about 430
million euros due this year and in 2021, to avoid collapse.
 urn:newsml:reuters.com:*:nL5N20H1TZ
    Along with its luxury jewellery trademark, Folli distributes
international apparel brands in Greece, including Nike and
Calvin Klein. It employs 5,000 people in its home market and
abroad, including in China and Japan.
    A hedge fund report last year suggesting the company
misrepresented sales sent Folli's shares into a tailspin,
prompted a legal investigation, fines from the Greek securities
watchdog and the resignation of the company's founders.
    Folli has been in lengthy talks with its creditors to
restructure its debt and operations. 
    It said on Tuesday that a previous agreement with a group of
unsecured creditors in February has failed and that the company
has worked on an alternative restructuring proposal with its
advisers.
    Folli needs the approval of the majority of its creditors
before applying to a Greek court to start its rehabilitation
plan, it said.
    Court ratification of the plan is expected by June 2020, it
added.

 (Reporting by Angeliki Koutantou; Editing by Muralikumar
Anantharaman)
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))