Revlon Strikes a Deal to Exit Bankruptcy

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.

Read the source article at reuters.com