Revlon Gains $1.4Bn Financing From Subsidiaries, Appoints Interim CFO Amid Bankruptcy Fallout
Revlon approved for $1.4bn debtor-in-possession financing from BrandCo Lenders, a group of operating subsidiaries formed in capital structure changes which owns much of Revlon’s intellectual property. Firm appoints interim CFO to set course for debt restructuring.
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New York-based Revlon, Inc. expects to emerge from Chapter 11 bankruptcy after a 3 April meeting with the Bankruptcy Court for the Southern District of New York. The firm says it has settled with a group of unsecured creditors and agreed to financial restructuring that should reduce total debt burden by about $2.7bn.
Revlon Inc. has filed for Chapter 11 protection after supply chain challenges, including disgruntled vendors, tipped the scale for the already struggling firm.
Under CEO Erik Fyrwald, IFF is committed to improving commercial execution across its four businesses after five years of overall underperformance.