Revlon is about to emerge from bankruptcy later this month as a non-public company and without Ronald Perelman at its helm, now that a federal judge has approved its plan.

The business had been traded on the Latest York Stock Exchange since 1996, when owner MacAndrews & Forbes took it public. But through Revlon’s newly approved bankruptcy plan, ownership stakes will likely be handed to secured lenders, while existing shareholders, including MacAndrews chairman Perelman, who controlled around 85 percent of the corporate as of earlier this yr, will likely be left with nothing.

Through the plan, the troubled 90-year-old Latest York-based beauty company that owns the namesake Revlon, Elizabeth Arden and Almay brands will eliminate greater than $2.7 billion in debt from its balance sheet, with roughly $1.5 billion of debt outstanding. In exchange, the vast majority of Revlon’s equity will likely be owned by its former lenders of a 2020 loan, generally known as the Brandco lenders.

Revlon is anticipated to emerge with roughly $285 million of liquidity, to be funded through an equity rights offering, a recent money senior secured credit facility, and recent asset-based loan.

Ronald Perelman’s daughter, Debra Perelman, who will remain as Revlon’s president and chief executive officer, called the plan “a critical milestone,” stressing that it positions Revlon to emerge from the restructuring process with a greatly simplified capital structure that can support the business going forward.

“We all know this financial restructuring has been difficult for our employees, vendors and partners, and we thank all of them for his or her support,” she said in an announcement. “Our recent capital structure and increased liquidity will enable us to proceed to animate our brands out there, and we stay up for the longer term of Revlon.”

Prior to filing for Chapter 11 bankruptcy, Revlon had been battling a hefty pile of debt — about $3.7 billion — that it spent much of 2020 renegotiating, which enabled it to avoid a more formal restructuring process back then. But supply chain issues, soaring inflation and increased competition from the likes of The Estée Lauder Cos., Coty Inc. and a plethora of digital start-ups only exacerbated the situation. Those aspects, combined with loans coming up for renewal, forced Revlon out of business in 2022.

Revlon also previously tried to sell several of its brands over time, cycling through different bankers, but no deals were accomplished.

Ronald Perelman has been the bulk owner of Revlon because the mid-’80s, gaining control via a hostile takeover through his company MacAndrews & Forbes. He took Revlon to recent heights within the ’80s and ’90s, when he used the brand to catapult himself into the worlds of society, fashion and Hollywood by tapping such faces as Cindy Crawford, Christy Turlington, Jerry Hall and more.

But in 2020, he revealed that he’d been selling off assets — from firms to fantastic art — and initially of this yr, he offloaded his opulent Lily Pond Lane mansion in East Hampton, Latest York, for $84.5 million. This was down from the unique listing price of $115 million.