×
2 023
Fashion Jobs
ESTÉE LAUDER
Clinique - Consultant - Leeds, Trinity - Boots - 26 Hours - Part-Time, Permanent
Permanent · Leeds
ESTÉE LAUDER
Clinique - Consultant - Halifax, Harveys - 15 Hours - Part-Time, Permanent
Permanent · Halifax
ESTÉE LAUDER
Aveda - Account Manager - House of Fraser-White City, London - 30 Hours - Full Time, Permanent
Permanent · London
FOREO
E-Key Account Manager
Permanent · London
FOREO
Marketing Manager
Permanent · London
VF INTERNATIONAL
Warehouse Trainer And Instructor
Permanent · COALVILLE
OUTSIDE THE BOX RECRUITMENT
Account Manager Kidswear
Permanent · LONDON
THE KOOPLES
Regional Manager London
Permanent · LONDON
OUTSIDE THE BOX RECRUITMENT
Digital Marketing And e Commerce Manager
Permanent · LONDON
ESTÉE LAUDER
Estee Lauder - Consumer Campaign Email Marketing Executive
Permanent · London
VF INTERNATIONAL
Warehouse Area Manager
Permanent · COALVILLE
NEW BALANCE
Marketing Director, Emea
Permanent · Warrington
EASTPAK
Credit Controller - French Speaking - Eastpak
Permanent · CALVERTON
THE NORTH FACE
Credit Controller - German Speaking - The North Face
Permanent · CALVERTON
CONFIDENTIAL
Regional Manager London
Permanent · LONDON
ESTÉE LAUDER
la Mer - Business Manager - John Lewis, Cribbs Causeway - 37.5 Hours - Full Time, Permanent
Permanent · Bristol
VF INTERNATIONAL
dc Inventory Control Supervisor
Permanent · COALVILLE
ESTÉE LAUDER
Clinique - Consultant - Boots, Enniskillen - 10 Hours - Part Time, Permanent
Permanent · Enniskillen
SHISEIDO
Account Manager Bareminerals - House of Fraser, Cheltenham
Permanent · Cheltenham
ESTÉE LAUDER
Clinique - Consultant - Browns, Beverley - 12 Hours - Part-Time, Permanent
Permanent · Beverley
ESTÉE LAUDER
Clinique - Consultant - Boots, Metro Gateshead - 16 Hours - Part Time, Permanent
Permanent · Gateshead
ESTÉE LAUDER
Clinique - Consultant - Boots, Derby - 10 Hours - Part-Time - Permanent
Permanent · Derby
Advertisements
By
Reuters API
Published
Nov 27, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Folli reaches preliminary restructuring deal with some creditors

By
Reuters API
Published
Nov 27, 2019

Greek jeweller Folli Follie has reached a preliminary deal with some of its creditors over a rescue plan for the company, it said late on Tuesday.


Folli Follie



Folli has struggled to pay suppliers and workers and keep its business going since a hedge fund report in May last year questioned its accounting. Its shares have since been suspended, and the company has been fined by Greece's securities watchdog.

The firm published delayed audited financial statements for 2017 in July that showed it had overstated annual revenue by more than 1 billion euros (£859 million). It also presented an alternative scheme to bondholders after a previous proposal collapsed.

Folli has outstanding debt of about 430 million euros ($473.95 million) due this year and in 2021, and needs the consent of at least 60% of creditors on the rescue plan before it can file it with Greek courts.

The company has been in talks with bondholders for months and late on Tuesday said it has agreed "in principle" on the terms of its financial restructuring with a group of unsecured creditors.

Folli has also been in "regular discussions" with creditors holding about 34% of 130 million euros in Swiss notes due in 2021, it said, who together with the group of unsecured creditors represented about 41.2% of its overall debt.

Founders Dimitris Koutsolioutsos and his wife, Ekaterini, resigned as chairman and vice chairperson, respectively. Koutsolioutsos owns a 35% stake in Folli, while China's Fosun holds 16.4%, according to Refinitiv Eikon data.

The restructuring plan includes shutting down loss-making stores and transferring core business assets to a new company that will be wholly owned by Folli.

Non-core and real estate assets with an estimated market value of about 90 million euros will pass to creditors.

Folli has said the plan will be much more beneficial to creditors than an orderly wind-down or bankruptcy, where it could take five to seven years for creditors to recover their capital.

 

© Thomson Reuters 2021 All rights reserved.