Folli Follie board approves restructure plan to save it from collapse

Folli Follie
// Folli Follie’s board has authorised a restructure plan to save it from collapse
// The Greek jewellery retailer admitted being inconsistent in its 2017 financial statements

Folli Follie’s board has approved a revised restructure plan urged by a group of bondholders to save the jewellery retailer from collapsing.

The plan follows a hedge fund report released in May last year that sent Folli Follie’s shares into panic mode, and a resignation of the retailer’s founders.

The Greek jewellery retailer has admitted being inconsistent in its 2017 financial statements after an initial audit, and has appointed new board members.

A Folli Follie source told Reuters that the board of directors approved the plan following talks with some of the bondholders in Athens on Wednesday.

“The board of directors of the company approved the execution of an updated term sheet with a group of bondholders regarding the proposed financial restructuring of its group,” Folli Follie said.

The group of bondholders are not expected to vote on the plan within a month, the source told Reuters, adding that at least two thirds of them needed to approve it for it to take place.

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