An Athens first instance court on Wednesday accepted a motion by the Folli Follie Group to maintain an injunction that provides the multinational retailer and jewelry accessory maker protection from creditors.
Several company employees and bond-holders testified in favor of the motion, whereas representatives of all four of Greece’s systemic banks – Alpha, Piraeus, NBG and Eurobank – opposed the motion, as did representatives of the independent public revenues authority and the main social security umbrella fund (EFKA).
The main argument cited by FF Group attorneys was that 92 percent of creditors favored a continued (temporary) court-ordered protection of the company’s assets, whereas banks represent the remaining 8 percent of creditors.
