April 3, the US court formally approved the restructuring plan submitted by US beauty giant Revlon at the end of February during a hearing, allowing Revlon and its subsidiaries to reduce their debt by $2.7 billion and obtain approximately $1.4 billion in new currency debt and equity investment.
Afterward, Revlon’s creditors will acquire ownership of the company in exchange for a debt reduction agreement, wiping out the equity value of existing shareholders. In addition, the restructured company plans to raise $670 million through the sale of new shares after exiting bankruptcy p …
