Folli Follie is a Greece based jewelry retailer that has been embroiled in a fraud fiasco since 2018, below is a short timeline.
In 2018 it was discovered that Folli Follie has falsified its accounts and invented c. $1bn of sales. The market capitalisation, which previously reached €1.4Bn collapsed and eventually have become worthless.
In 2019 the Greek financial regulator fined luxury goods retailer Folli Follie and ten of its former and
current company executives €20.3 million for violations relating to market manipulation in its
financial results for 2016.
In 2020, the jeweler executed a kind of DIP financing and restructuring which provided the company with €13.007 million.
In April 2021 Folli Follie Group executed a rehabilitation agreement with its creditors and holders of its eurobonds and Swissbonds.
Since 2021, the Folli Follie bonds have traded around the 6-8% level and there is still no end in sight to a resolution or rehabilitation.
Southey Capital is though willing to buy the bonds in anticipation of resolution to the restructuring in the future.
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