|Bid||0.0000 x N/A|
|Ask||0.0000 x N/A|
|Day's range||0.0000 - 0.0000|
|Beta (5Y monthly)||1.89|
|PE ratio (TTM)||N/A|
|Earnings date||02 May 2023 - 08 May 2023|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
(Bloomberg) -- Revlon Inc. is grappling with a growing number of allegations that some of its hair products cause cancer as the cosmetics company looks to exit Chapter 11 bankruptcy. Most Read from BloombergMeta Plans Thousands More Layoffs as Soon as This WeekBiden Eyes Tax Hike on Income Over $400,000 to Fund MedicarePowell Sees Higher Peak for Interest Rates, Says Fed Prepared to Speed Up If NeededUS Banks Are Finally Being Forced to Raise Rates on DepositsCitadel’s Griffin Sees Setup for US
Bankrupt cosmetics giant Revlon Inc on Monday reached a restructuring agreement which would turn over ownership of the company to its lenders and wipe out current shareholders. Revlon now has the support of a faction of critical secured lenders and its unsecured creditors, who had previously been at odds during the company's bankruptcy. The restructuring agreement, which must be approved by a U.S. bankruptcy judge before it takes effect, would provide $44 million to Revlon's unsecured creditors, who would otherwise be last in line for repayment of their debts.
Citigroup, as Revlon's loan agent, had accidentally used its own money in August 2020 to prematurely pay off an $894 million loan owed by billionaire Ronald Perelman's now-bankrupt cosmetics company. Some of the recipients returned their payouts to Citi after realizing the mistake, which the U.S. bank blamed on human error, but the 10 lenders had refused, saying the bank paid what they were owed.