Revlon has struck an agreement with creditors to give lenders and bondholders ownership of the bankrupt cosmetics maker. Ron Perelman, the tycoon who has controlled it for decades, will no longer have control of Revlon.
According to a restructuring support agreement made public on Monday, the company would aim to raise $650mn in new equity and seek to exit the Chapter 11 bankruptcy process by April in private hands. While the agreement will plan to hand ownership to lenders in the near future, Revlon also has the option to sell itself.
Revlon told the New York bankruptcy court that …
