The company urged US Bankruptcy Court Judge David S Jones in Manhattan to reject the request from minority equity owners in part because low bond prices imply that equity has little hope of recouping anything. The company also argued that the interests of shareholders are already well represented in the case by majority owner MacAndrews & Forbes as well as other groups.
Revlon shares tumbled as much as 34% to as low as $5.62 Monday before rebounding to around $8.22, leaving them down some 3% on the day. That price is up from as little as $1.17 in June.
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