Folli Follie

Greek jewelry maker Folli Follie will seek creditor approval for a planned overhaul of the business, it said on Tuesday, after announcing details of its restructuring following lengthy discussions with advisers.

Tzortzis Koutsolioutsos tendered his long-overdue resignation from the post of chief executive officer at troubled jewelry maker Folli Follie on Tuesday, in a letter to the group's chairman and board members.

Mike Ashley, the billionaire owner of British group Sports Direct International, is interested in the activities of Folli Follie, excluding those in Asia.

Investment firm QCM denied on Thursday any involvement in Intracom's stock price decline this week, describing an internet report on the matter as "fake news." The denial sent the stocks of the Greek group and its subsidiary Intralot soaring in Thursday's trading session.

Greece's anti-money-laundering authority has confiscated Folli Follie's property assets, according to sources, in a move that torpedoes the streamlining plan being debated with the troubled jewelry maker's creditors.

Chinese group Fosun, which controls 16 percent of Folli Follie, refused a request by the troubled Greek jewelry maker for a 20-million-euro loan the listed company needs to meet its obligations by end-January, when its streamlining plan application is to be examined by an Athens court.

Chinese group Fosun, which controls 16 percent of Folli Follie, refused a request by the troubled Greek jewelry maker for a 20-million-euro loan the listed company needs to meet its obligations by end-January, when its streamlining plan application is to be examined by an Athens court.

Greek banks are about to auction off Folli Follie's 35.7 percent stake in Attica Department Stores to recoup funds they loaned to the troubled jewelry group.

The holding was used as collateral for the loan issued to Folli Follie last May, when the group started feeling repercussions after the revelation of discrepancies in its financial reports.

A Greek court has rejected a request by Greek jewelry maker Folli Follie for temporary protection from its creditors before it completes a restructuring plan, a judicial source said on Monday.

Folli, whose shares have been suspended since May, said last week that management was producing a revised business plan together with Deloitte for restructuring its operations.

The Athens Court of First Instance on Thursday heard a request by troubled jewelry firm Folli Follie for protection from its creditors under Article 106a of Greece's Bankruptcy Code.