Troubled Greek jeweller Folli Follie concludes bridge funding

Folli Follie SA

12/01/2021 07:33

ATHENS, Jan 12 (Reuters) - Greek jeweller Folli Follie
 HDFr.AT  has issued notes of 13 million euros ($15.8 million),
securing a short-term loan to cover immediate cash needs as part
of a long-awaited rescue plan, it said late on Monday.
    Arena Investors, an institutional asset manager, has
subscribed for 97% of the notes, Folli said in a bourse filing.
    Folli has struggled to pay suppliers and workers and keep
its business going since a hedge fund report in 2018 questioned
its accounting methods. 
    The report led to the suspension of its shares and an audit
which revealed a one billion euro hole in 2017 sales. 
    Folli last month filed its rehabilitation plan with a Greek
court for ratification after securing the approval of its
creditors, following months of talks. 
    Along with the bridge funding, the plan calls for shutting
down loss-making stores and transferring most of its core
business and all of its real estate assets to creditors.
    ($1 = 0.8228 euros)

 (Reporting by Angeliki Koutantou; editing by Jason Neely)
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))