Report: FF bondholders want greater collateral from primary shareholders

Thursday, 25 July 2019 12:13
UPD:12:16
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S. Emmanuil
semm@naftemporiki.gr

A group of Folli Follie bondholders is reportedly demanding collateral from the troubled retailer and accessory maker, with independent assessors to confirm and evaluate the guarantees, with the same reports saying the specific bondholders are negative towards acquiescing to a new term sheet.

The report comes in the wake of Wednesday's clarifications by the company's management, regarding a revised proposal dating from July 15.

The latter does not include the prospect of bondholders providing more capital to FF, whose shares are suspended from the Athens Stock Exchange (ATHEX) and whose has been scrutinized by the Capital Market Committee and successive probes, by both state services and independent auditors.

One main demand by a portion of bondholders is for the primary FF shareholders to provide a substantial cash infusion as a guarantee, with one figure reaching a hefty 100 million euros.

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