{"id":31291,"date":"2023-05-02T20:22:29","date_gmt":"2023-05-02T20:22:29","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/revlon-emerges-from-bankruptcy\/"},"modified":"2023-05-02T20:23:09","modified_gmt":"2023-05-02T20:23:09","slug":"revlon-emerges-from-bankruptcy","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/revlon-emerges-from-bankruptcy\/","title":{"rendered":"Revlon emerges from bankruptcy after lender takeover"},"content":{"rendered":"<p>By Dietrich Knauth<\/p>\n<p>(Reuters) -Revlon Inc said on Tuesday that it has emerged from bankruptcy after cutting more than $2.7 billion in debt and handing control of the beauty products company to its lenders. <\/p>\n<p>CEO Debra Perelman said in a statement that Revlon is stronger after bankruptcy and well positioned for long-term growth. <\/p>\n<p>&#8220;We look forward to unlocking the full potential of our globally recognized brands and continuing to offer our customers the iconic products they have loved for decades,&#8221; Perelman said.<\/p>\n<p>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.<\/p>\n<p>Revlon has filled its post-bankruptcy board of directors with experienced executives from the consumer, retail, and beauty industries, including former Bloomin&#8217; Brands CEO Elizabeth Smith and former Sephora CEO Martin Brok. <\/p>\n<p>Revlon&#8217;s lenders took ownership of the company in exchange for the debt reduction agreement, wiping out the equity value of existing shareholders. <\/p>\n<p>The company&#8217;s largest shareholder was MacAndrews &amp; Forbes, which is owned by Perelman&#8217;s father Ron Perelman. MacAndrew &amp; Forbes held 85% of the company&#8217;s shares at the time of its bankruptcy filing, and the remaining stock saw a surge in interest from retail investors last year before collapsing in value.<\/p>\n<p>Revlon&#8217;s new owners include Glendon Capital Management, King Street Capital Management, Angelo Gordon &amp; Co, and Oak Hill Advisors. <\/p>\n<p>King Street Capital Managing Director Noah Charney said the new owners were proud to &#8220;serve as stewards&#8221; of a &#8220;storied American business.&#8221;<\/p>\n<p>The company, which has changed its corporate name to Revlon Group Holdings, said it exited from bankruptcy with $1.5 billion in debt and $236 million in available liquidity. It previously announced plans to raise $670 million by selling new equity shares after its bankruptcy.\u00a0<\/p>\n<p>Revlon reported $490 million in net sales for the first quarter, up year on year from $479.6 million. <\/p>\n<p> (Reporting by Dietrich Knauth in New York and Nandhini Srinivasan in BengaluruEditing by Marguerita Choy)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/revlon-emerges-from-bankruptcy\/file-photo-revlon-products-are-seen-for-sale-in-a\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ410QY-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ410QY-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Dietrich Knauth (Reuters) -Revlon Inc said on Tuesday that it has emerged from bankruptcy after cutting more than $2.7 billion in debt and handing control of the beauty products company to its lenders. CEO Debra Perelman said in a statement that Revlon is stronger after bankruptcy and well positioned for long-term growth. &#8220;We look [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":31292,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-31291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ410QY-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/31291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=31291"}],"version-history":[{"count":3,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/31291\/revisions"}],"predecessor-version":[{"id":31434,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/31291\/revisions\/31434"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/31292"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=31291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=31291"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=31291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}