Greek court extends Folli asset protection from creditors by two months-source (updated)

Folli Follie SA

12/09/2018 14:39

(Adds detail)
    ATHENS, Sept 12 (Reuters) - A Greek court on Wednesday
extended by two months an injunction protecting jewellery maker
Folli Follie's  HDFr.AT  assets from creditors, a judicial
source said.
    Folli, which employs about 5,000 people worldwide, had
obtained a temporary court injunction to protect its assets. A
group of creditors sought the lifting of the injunction to
recoup loans.  urn:newsml:reuters.com:*:nL5N1VW32F
    Folli was not immediately available to comment on the
ruling. It had applied for an extension of the temporary
injunction, seeking to reach an arrangement with its creditors
and prepare a restructuring plan after the conclusion of a
financial audit. 
    Greek authorities opened an investigation into Folli earlier
this year after equity fund Quintessential Capital Management
(QCM) alleged the company had overstated the number of retail
outlets it operates worldwide, raising concerns over its 2017
reported finances.
    Folli's shares plunged in May after the QCM report,
prompting the Greek securities regulator to suspend trading of
the shares on May 25 after the firm failed to provide requested
financial data.
    The company last week pushed back its annual shareholder
meeting to Oct. 10, saying it expected the conclusion of a
financial audit by then.

 (Reporting by Constantinos Georgizas and Angeliki Koutantou;
Editing by Mark Potter/Emelia Sithole-Matarise)
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))