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Revlon, Inc. (0A7T.L)

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0.8101+0.3401 (+72.36%)
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  • Reuters

    Revlon and key creditors strike deal, April bankruptcy exit

    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.

  • Reuters

    Citi, Revlon lenders reach deal over $500 million accidental payment

    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.

  • Reuters

    Citigroup, Revlon lenders say three lenders ready to settle, with end in sight

    Citigroup Inc is close to getting back about $500 million it accidentally paid to 10 Revlon Inc lenders, with three on the verge of returning their payouts and others making "substantial progress" toward a resolution, a court filing shows. Citigroup, as Revlon's loan agent, had accidentally used its own money in August 2020 to prematurely pay off a $894 million loan owed by billionaire Ronald Perelman's now-bankrupt cosmetics company. Some recipients returned their payouts after realizing the mistake, which Citigroup blamed on human error, but the 10 lenders had refused, saying the bank paid what they were owed.