Folli Follie

Talks between Greek jeweler Folli Follie and creditors over a rescue plan are at a "critical" stage and are expected to conclude in the coming weeks, its chairman said on Tuesday.

Chinese company Fosun has agreed to acquire 75 percent of UK group Thomas Cook's tour operations and 25 percent of its airline business for 450 million pounds (497 million euros) while the group's creditors - banks and bondholders - will put up a similar amount to buy 25 percent of the tour business and 75 percent of the airline business.

Financially troubled jewelry and fashion accessories firm Folli Follie has confirmed it is looking to sell jewelry subsidiary Links of London.

Links has filed for bankruptcy in the United States but continues to operate.

Folli Follie is seeking 60 million euros for all its stake in Links of London, but markert insiders believe the real value is between 10 and 20 million euros.

Greek jewellery maker Folli Follie has mandated Deloitte and Savigny Partners to look into the possible sale of its UK-based jeweller Links of London, it said on Monday.

The Koutsolioutsos family, the main (but not majority) owners of jewelry and fashion accessories company Folli Follie, want to use the September 10 company shareholders' meeting to absolve them of any responsibility for the financial collapse of the company.

Some 14 months after Gabriel Grego and his fund, Quintessential Capital Management (QCM), exposed the goings-on at troubled Greek jewelry maker and retailer Folli Follie, leading to the suspension of trading in the latter's stock and hurting many investors and funds, the same fund is back in the spotlight, this time blowing the whistle on an Italian firm.

Greece's Folli Follie overstated its 2017 revenue by more than 1 billion euros, an audit by PwC showed on Tuesday, as the jeweller reported a rescue plan proposed by bondholders had collapsed.
Folli instead presented an alternative restructuring proposal for creditors and said it expected court ratification of it by June 2020.

Troubled jewelry company Folli Follie announced on Tuesday that Georgios Tzilivakis assumed the position of human resources director at FF Group last Monday, following the recent resignation of Athena Vlachou.

Troubled jewelry maker Folli Follie's new board has sued founder and former chairman Dimitris Koutsolioutsos and his son and ex-chief executive Tzortzis Koutsolioutsos for reaping capital gains of 11.4 million euros between them in 2017 from the sale of the firm's shares using the fake financial data of 2016.

Greek jewellery maker Folli Follie's board of directors has approved a restructuring plan backed by a group of bondholders, the company said in a bourse filing on Thursday.