Revlon, the troubled 90-year-old Recent York-based beauty company that owns the namesake Revlon, Elizabeth Arden and Almay brands, looks to be near reaching a deal that may see creditors take over the cosmetics company that Ron Perelman has helmed for many years.
In line with legal filings, Revlon has entered right into a Chapter 11 restructuring support agreement with two creditor groups that may involve ownership stakes being handed to secured lenders, while existing shareholders, including Perelman, who controlled around 85 percent of the corporate as of earlier this yr, can be left with nothing. The 2 creditor groups are the Consenting BrandCo Lenders, which incorporates Ares Management and Oak Hill Advisors, and the Official Committee of Unsecured Creditors, appointed within...
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