By S. Emmauil
[email protected]
Reviews of troubled Folli Follie Group's finances enter a final stretch this week, with all interested parties, including major shareholder Fosun International, expecting results and a "road map" to reverse the Greece-based retailer and accessory manufacturer's woes.
China-based Focus International, a major shareholder of FF, has so far recorded damages of 101 million euros from its participation in FF, just in the first half of 2018.
In the coming days, the firm Alvarez & Marsal is expected to present a forensic review of all of FF Group's Asian subsidiaries to both the ASE-listed company - whose share nevertheless remains suspended on the Athens bourse - as well as to EY, hired as an outside consultant to restructure the embattled company.
The developments come ahead of a Sept. 12 petition before an Athens first instance court by FF to request protection from creditors (based on article 106a of a relevant 2007 bankruptcy law {3588}), as well as Sept. 10, when a regular general assembly of FF shareholders has been called.
