(Adds detail from court ruling, background)
By Dietrich Knauth
April 3 (Reuters) - A U.S. judge on Monday approved Revlon Inc's reorganization plan, allowing the cosmetics giant to cut $2.7 billion from its debt and exit bankruptcy later this month.
U.S. Bankruptcy Judge David Jones in Manhattan, who has been overseeing the company's Chapter 11 bankruptcy, said Revlon had reached "a hard-fought multi-faceted settlement" that resolves a "series of enterprise-threatening" risks to the business, including "debilitating" litigation among its lenders.
Under the plan, Revlon's lenders will take ownership of the company in exchange for the debt reduction agreement, wiping out the equity value of existing shareholders. The reorganized company plans to raise $670 million after exiting from bankruptcy by selling new equity shares.
Revlon, which has a
91-year
history selling lipstick, nail polish and other beauty products,
filed for bankruptcy
in June, saying its $3.5 billion debt load and pandemic-related disruptions had left it too cash-poor to make timely payments to critical vendors in its cosmetics supply chain.
(Reporting by Dietrich Knauth; Editing by Mark Porter)
((Dietrich.Knauth@thomsonreuters.com;))
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。