"It's a billion-dollar clerical error," said Michael Stanton, a former restructuring and bankruptcy adviser."This is probably knocking around some very big rooms at Citibank."At the centre of the story is an increasingly ugly battle between Revlon and a group of lenders who sued the cosmetics company and demanded immediate repayment of a term loan that Revlon has coming due in 2023.
Around the same time the lawsuit was filed, the nearly US$900 million - an amount equal to the full principal value of the loan, plus accrued interest - landed in the lenders' bank accounts, according to people familiar with the matter. Now, Brigade, Symphony and HPS are among those that are refusing to hand the cash back, said the people, who asked not to be named discussing a private matter.
The payment was a particularly welcome surprise considering that the loan trades for less than 30 US cents on the dollar, signalling that investors have dim hopes of getting a full recovery under normal circumstances.
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