Monday , March 1 2021

Folli Follie: The maturity of bondholders in the event of Koutsoliutz's withdrawal. Companies

Late last night, it was not yet clear whether the Greek banks, which appear with a claim of EUR 32 million secured by 35.7% of Folli Follie's shares in Attica department stores, will be against or against a protection request.

His written commitment to step down from Folli Follie's post until the application for ratification of the consolidation plan and in any case George Tzortz Koutsolioutsos was transferred to creditors and restructuring consultants before the end of the year. His retirement has recently been set as a prerequisite for creditors to agree to submit an application for protection and to continue the settlement plan.

The Opper was held yesterday when a creditor agreement exceeded the statutory minimum rate of 20% from creditors and a new application for Folli Follie was filed under Article 106a of the Bankruptcy Law. The application was submitted by employees and the company and it signed creditors, which totaled approximately 100 million out of 249.5 million bonds, total issuers of bonds – 150 million Swiss francs and two creditors of Schulsdchein – 51 million EUR It is expected that today several lenders will support the application for the first Court of Appeal.

The debate was held at the Athens Court of Cassation on Thursday morning, but until late evening, it was not yet clear whether the Greek banks, whose total demand was 32 million euros and secured by 35.7% of Folli Follie at the department stores, would support or reject a defense claim. And this is because they want to sell this shareholding without a shadow of a shield of protection, which could, as their legal counsel finds it, be a future problem if the process is challenged. However, Folli Follie and his creditors are prepared to exclude this membership from defense, but only if banks support their efforts. Otherwise, they will use all legal remedies to stop this sale, otherwise they can be lawfully disclosed, potentially challenging litigation with creditors, non-consensual shareholders or other legitimate interests. The case is expected to be explained at the time the application is negotiated.

However, the intention to withdraw a letter from Tzortz Koutsoliutsos is nevertheless worth noting that some parties consider that it is not irrevocable and may not correspond to all creditors. In any case, planning and consulting creditors for restructuring consultants is such that the administration will now have a five-member executive committee, consisting of the new Managing Director (Georgiades), the restructuring consultant (Kouvatsos), President (Kanellopoulos) and two other board members.

In turn, members of the Koutsoliuts family and seven senior members of Folli Follie have written to Ioannis Dragatsis, the prosecutor of crime, in writing in the past few days, who also investigates what happened in the company and is expected to start a prosecution. According to the information, their explanations are focused on legal issues arising from the company's financial situation, since the main offense for which they were asked for an explanation is fraud related.

At the explanatory stage, most of those who are asked to transfer all responsibility for fake company data to their Asian group and various branches. However, soon after, according to the same sources, the prosecutor will also be called other criminal offenses.

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