Announcement
Agios Stefanos, 11 October 2019
The company with the name “Folli-Follie Commercial Manufacturing and Technical Société Anonyme” and the distinctive title “FF Group” (hereinafter the “Company”) updates the market that two (2) bondholders of the Company, cumulatively holding notes of a nominal value of 1.5 mil. Euros from the Guaranteed Exchangeable Notes due 2019 (issued by FF Group Finance Luxembourg S.A.) and notes of a nominal value of 2.5 mil. CHF from the CHF Guaranteed Notes due 2021 (issued by FF Group Finance Luxembourg II S.A.), meaning only 0.87% of the Company’s total loan obligations, filed a bankruptcy application dated 3.10.2019 before the Athens Multi-Member Court of First Instance, requesting the declaration of the Company bankrupt. The hearing of said application was set for October 16, 2019. At the same time, said bondholders filed a petition with the Athens Single-Member Court of First Instance for the granting of preventative measures pursuant to article 10 of the Greek Bankruptcy Code and, specifically, for the prohibition of the disposal of any asset of the Company, along with a request to issue provisional order, which was heard today.
It is obvious that said bondholders hold a very small portion of the Company’s debt instruments (0.87% of the total loans) and, therefore, they do not express the greater portion of bondholders, with whom the Company is in negotiations for the finalization and signature of a restructuring agreement, as per the Company’s previous announcements, and many of whom have opposed said action in writing. Consequently, the Company considers that the filed applications lack any grounds and reserves all its rights.
The above isolated action does not obstruct the Company’s negotiations with its creditors or its efforts for the achievement of a viable restructuring agreement.
Further, the Company announces that on 8 October 2019 its subsidiary Links (London) Limited (“Links of London”) was placed into administration in accordance with paragraph 22 of Schedule B1 to the Insolvency Act 1986 of England and Wales. The Board intends to work with the joint administrators of Links of London (Matthew Smith and Daniel Smith, both of Deloitte LLP) in order to ensure that the Links of London business continues as a going concern post administration as part of the Group
This announcement is released by Folli Follie Commercial Manufacturing and Technical Société Anonyme in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and Section 4.8 of the Rule Book of the Athens Exchange. It contains information that qualifies as inside information for the purposes of Article 7 of MAR. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, the person responsible for arranging the release of this announcement on behalf of the Company is Mantalena Kasidiaropoulou, Head Investor Relations.
The company with the name “Folli-Follie Commercial Manufacturing and Technical Société Anonyme” and the distinctive title “FF Group” (hereinafter the “Company”) updates the market that two (2) bondholders of the Company, cumulatively holding notes of a nominal value of 1.5 mil. Euros from the Guaranteed Exchangeable Notes due 2019 (issued by FF Group Finance Luxembourg S.A.) and notes of a nominal value of 2.5 mil. CHF from the CHF Guaranteed Notes due 2021 (issued by FF Group Finance Luxembourg II S.A.), meaning only 0.87% of the Company’s total loan obligations, filed a bankruptcy application dated 3.10.2019 before the Athens Multi-Member Court of First Instance, requesting the declaration of the Company bankrupt. The hearing of said application was set for October 16, 2019. At the same time, said bondholders filed a petition with the Athens Single-Member Court of First Instance for the granting of preventative measures pursuant to article 10 of the Greek Bankruptcy Code and, specifically, for the prohibition of the disposal of any asset of the Company, along with a request to issue provisional order, which was heard today.
It is obvious that said bondholders hold a very small portion of the Company’s debt instruments (0.87% of the total loans) and, therefore, they do not express the greater portion of bondholders, with whom the Company is in negotiations for the finalization and signature of a restructuring agreement, as per the Company’s previous announcements, and many of whom have opposed said action in writing. Consequently, the Company considers that the filed applications lack any grounds and reserves all its rights.
The above isolated action does not obstruct the Company’s negotiations with its creditors or its efforts for the achievement of a viable restructuring agreement.
Further, the Company announces that on 8 October 2019 its subsidiary Links (London) Limited (“Links of London”) was placed into administration in accordance with paragraph 22 of Schedule B1 to the Insolvency Act 1986 of England and Wales. The Board intends to work with the joint administrators of Links of London (Matthew Smith and Daniel Smith, both of Deloitte LLP) in order to ensure that the Links of London business continues as a going concern post administration as part of the Group
This announcement is released by Folli Follie Commercial Manufacturing and Technical Société Anonyme in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and Section 4.8 of the Rule Book of the Athens Exchange. It contains information that qualifies as inside information for the purposes of Article 7 of MAR. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, the person responsible for arranging the release of this announcement on behalf of the Company is Mantalena Kasidiaropoulou, Head Investor Relations.