0923 ET - Revlon, a meme-stock favorite after it filed for bankruptcy in June, said it will likely wipe out shareholders in its restructuring, but that didn't stop the beauty supplier's stock from rallying Monday. Revlon, controlled since 1985 by billionaire Ronald Perelman, will be taken over mostly by lenders, and its shareholders aren't expected to receive any distribution, according to a proposed restructuring agreement filed Monday in bankruptcy court. Shareholders are generally wiped out in bankruptcy cases. But Revlon saw a surge of interest after its filing, closing at prices approaching $9 in August and staying above $4 through much of October. That month, Revlon shares lost more than half their value after the New York Stock Exchange made its delisting official. Now trading over the counter, the shares closed Friday at 35 cents each and on Monday at 57 cents. (becky.yerak@wsj.com ; @beckyyerak)
(END) Dow Jones Newswires
December 20, 2022 09:23 ET (14:23 GMT)
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