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Business Maverick: Citi’s $900 Million ‘Clerical Error’ Is Worst Wall Street Bungle in a Long Time

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Even for Citigroup Inc., it was big money. On Wednesday, loan operations staff at the New York bank wired $900 million, seemingly on behalf of Revlon Inc., to lenders of the troubled cosmetics giant controlled by billionaire Ron Perelman.

It was a mistake for the ages — a “clerical error,” as Citigroup told lenders — that’s now plunged the bank into a battle between the Perelman empire and a corps of sharp-edged investment funds that have become its impatient creditors.

A spokeswoman for Citi declined to comment. A representative for Revlon said in an emailed statement that Revlon itself didn’t pay down the loan, or any portion of it., a former restructuring and bankruptcy adviser. “This is probably knocking around some very big rooms at Citibank.”At the center of the story is an increasingly ugly battle between Revlon and a group of lenders whothe cosmetics company and demanded immediate repayment of a term loan that Revlon has coming due in 2023.

“This is what the investors asked for — they wanted their loan to be paid off,” said Bloomberg Intelligence senior distressed debt analyst Phil Brendel. “Given their suit is against Citibank as well, it isn’t clear why they would hand the money back.”

 

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