Athens court hears Folli Follie request for protection from creditors

The Athens Court of First Instance on Thursday heard a request by troubled jewelry firm Folli Follie for protection from its creditors under Article 106a of Greece's Bankruptcy Code.

The company's lawyers argued that the firm will be forced to fold if it is not granted protection, saying that it "is at a critical phase" of its restructuring process and needs "a lease of life for three to four months."

Folli Follie's workers and shareholders are in favor of the motion, while the company's creditor banks, the Greek state, the EFKA social security foundation and 56 investors - who are seeking the seizure of some 2.5 million euros' worth of assets - are opposed to the listed company being granted protection.

The president of the bench said that he will rule on a temporary order on Friday or Monday at the latest.