Company News, Financial News

Revlon’s Proposed Bankruptcy Won’t Include Ronald Perelman

Mass market cosmetics maker is overwhelmed by $3.5 billion in debt.

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By: TOM BRANNA

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Revlon’s restructuring plan won’t include Chairman Ronald Perelman, according to legal filings. The company is overwhelmed by a one-two punch of $3.5 billion in debt and a more competitive color cosmetics market. Revlon entered into a Chapter 11 restructuring support agreement with two creditor groups. Under terms of the agreement, secured lenders would assume ownership of Revlon. Existing shareholders would get nothing. At last look, Perelman held about 85% of Revlon's stock. The compan...

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