By S. Emmanuil
[email protected]
Beleaguered retailer and accessory maker Folli Follie’s (FF) remaining real estate assets will be transferred to a new special purpose vehicle, according to reports, part of a draft agreement that is linked to an interim financing scheme worth 51.25 million euros by its bond-holding creditors.
The agreement, in principle, will mean that creditors become the multinational’s investors.
The draft restructuring plan for FF must be finalized, and then approved at a general assembly of shareholders, followed by ratification of a relevant bankruptcy court.
According to reports, the 51.25-million-euro credit line by bondholders is deemed as imperative for the company to continue operations and transfer its ownership.
