I created those two folders then placed the Wowza sample.mp4 file at both levels and had no problem playing it back with the Wowza example live player, connected to a vod (StreamType "default") application to play back a the file. What I see in the logs you posted is the non-ascii character was turned into "?" and Wowza is therefore looking for a file with the wrong name. Wowza did not do this, it got the name that way. It does not happen in the default example Wowza players in my test. Are you running it in a html container that does not have the meta tag I showed?
This works for me:
Stream: mp4:BaroqueHändel, Georg Frederich/Händel Water Music/sample.mp4
INFO session connect 0:0:0:0:0:0:0:1 -
INFO stream play BaroqueHändel, Georg Frederich/Händel Water Music/sample.mp4