THE WHAT? Revlon has filed for chapter, itemizing property and liabilities of between US$1 billion and US$10 billion in a courtroom submitting.
THE DETAILS Based on a report by Reuters, the corporate anticipated to get US$575 million in debtor-in-possession financing from its present lender base upon receipt of courtroom approval.
None of Revlon’s worldwide models, besides Canada and the UK, are a part of the Chapter 11 chapter proceedings.
THE WHY? The cosmetics firm is claimed to have flailed below mounting money owed because it tried to remain abreast of on-line start-ups, and has additionally been hit by provide points and COVID-19.
Debra Perelman, Revlon Chief Govt, mentioned, “Our difficult capital construction has restricted our skill to navigate macro-economic points.”