![]() MacAndrews & Forbes at one point sued Revlon over the company’s acceptance of a lower offer from Forstmann Little & Co, resulting in a landmark Delaware court decision on the fiduciary duties of board members, sometimes dubbed the “Revlon Rule.”Īpart from the dollar bond, Revlon has 10 loans with an outstanding amount totaling about $US2.6 billion and maturing in the next three years, Bloomberg-compiled data show. Perelman’s holding company, MacAndrews & Forbes, took control of Revlon in an acrimonious takeover in 1985, funding the deal with junk debt raised by Michael Milken. The 90-year-old company got its start selling nail polishes in the throes of the Great Depression, and later added coordinated lipsticks to its collection. The bankruptcy caps a tumultuous period for the company, which suffered during the pandemic and faced years of declining sales as consumer tastes changed and upstart brands ate into its market share. That stands in contrast to total debts of $US3.7 billion, which include its 6.25 per cent senior notes due in 2024, according to court papers.Ĭhapter 11 filings allow a company to continue operating while it works out a plan to repay creditors. In its court filings, Revlon listed assets totaling $US2.3 billion ($3.3 billion) as of late April. Revlon has been unable to keep pace with rivals L’Oreal and Estee Lauder as well as upstart make-up and personal-care brands that have turned to video bloggers and Instagram personalities to fuel growth. Revlon CEO Debra Perelman, the company’s first female leader. The cosmetics giant, owned by billionaire Ron Perelman, sought court protection in the Southern District of New York after the global supply chain crunch and steep inflation deepened its woes.īehind the times. ![]() New York | Revlon has filed for Chapter 11 bankruptcy, unable to manage its heavy debt load after failing to tap into a cosmetics sales boom driven by social media influencers.
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