Revlon Sees Light Through Bankruptcy Tunnel, Expects to Emerge In April
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.
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New York-based Inter Parfums, Inc. says continued “premiumization’ trends in fragrance helped drive its sales up 26% in the second quarter, while German company Symrise AG’s two recent purchases in the fragrance space added €15m to sales in the first-half of the year. Separately, Revlon announces interim CEO as head Debra Perelman steps down.
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.
Revlon Inc. has filed for Chapter 11 protection after supply chain challenges, including disgruntled vendors, tipped the scale for the already struggling firm.