An Athens first instance justice on Monday rejected Folli Follie’s motion for temporary protection from creditors, with the beleaguered Greece-based retailer and accessory maker now facing the prospect of judicial challenges for its assets.
The specter of an unstructured bankruptcy is now, theoretically, a possibility.
With the court ruling, FF Group’s management and legal team must work out an agreement with creditors and seek financing for a restructuring plan.
A group representing investors in the country has already filed and received a first injunction against FF, ordering a temporary freeze of assets totalling 2.5 million euros.
