alvarez & marsal

The Alvarez & Marsal report on the chaotic discrepancies in the figures of luxury jewelry company Folli Follie appears to concern the foreign funds that have invested in Greece or are monitoring it, as well as fellow Greek listed companies, sources say. This is despite the largely anticipated outcome of the troubled company's case.

Folli Follie faces the threat of closure following the revelation of a hole of $290 million in the luxury jewelry company's cash reserves last year and $1 billion in Asia sales. These discrepancies are even greater than the most pessimistic estimates, including those by hedge fund QCM, which brought the case to light last May.

Investment banking company Rothschild has reportedly resigned as principal financial advisor to troubled jeweller Folli Follie Group (FFG), shortly before the deadline for the publication of the forensic and financial reviews on both in the parent company and its subsidiaries, Greek news website euro2day.gr reported on Tuesday.

Inspections into the finances of troubled luxury jewelry maker and retailer Folli Follie by Alvarez & Marsal and Ernst & Young point to a hole of 280 million euros in the company's 2017 figures, sources have told Kathimerini.

Investment bank Rothschild is said to be seeking funding on international markets to finance troubled Greek-based jewelry company Folli Follie, either via refinancing existing bonds or through other means.

Luxury jewelry maker Folli Follie, whose finances are being investigated by Greek authorities while its shares have been suspended from trading, said late on Monday that a financial audit would be concluded in August.

The countdown has started to the restructuring of Greece's steel industry, one of the country's most overindebted sectors, with total arrears of 1.2 billion euros.