Revlon’s bankruptcy ended nearly four decades of ownership by billionaire financier Ronald Perelman, who bought the company in 1985. “It’s no secret that the company has been under-resourced and burdened with a balance sheet” with too much debt, Ms. Smith told WSJ Pro Bankruptcy. It is expected to emerge from bankruptcy with $2.7 billion less debt, leaving roughly $1.5 billion of debt outstanding. Ms. Smith said the new Revlon directors are considered independent, unaffiliated with the lender group recapitalizing the business. The value of Revlon is expected to be roughly $3 billion as it formally leaves bankruptcy in coming weeks.

Source: Wall Street Journal April 30, 2023 23:59 UTC