Business Maverick: Revlon files for bankruptcy amid supply woes, loan controversy

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 84%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

The cosmetics giant has suffered during the pandemic after years of declining sales and financial controversies. The 90-year-old company got its start selling nail polishes in the throes of the Great Depression, and later added coordinated lipsticks to ...

Revlon filed for Chapter 11 bankruptcy as the global supply chain crunch proved the tipping point for the debt-laden company that has struggled to tap into a broader cosmetics sales boom driven by social-media influencers.

The company said in court filings on Thursday that the resulting “uncertainty” over who holds a slew of term loans “is likely to impede” the Chapter 11 process. Chapter 11 filings allow a company to continue operating while it works out a plan to repay creditors. Revlon said in a statement that it’s lined up $575 million of so-called debtor-in-possession financing from existing lenders to fund itself during bankruptcy.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines