Revlon Dodges Bankruptcy With $236M Debt-Swap Deal
Law360 (November 12, 2020, 11:32 AM EST) -- Cosmetics company Revlon said Thursday it has avoided bankruptcy proceedings by striking a $236 million debt exchange deal with bondholders.
Revlon Inc. said that bondholders have agreed to tender roughly $236 million in principal amount of bonds due in 2021, which is nearly 69% of the total debt. Revlon will pay down the remaining $106.8 million in principal amount as well as all accrued interest, the statement said.
The deal allows the cosmetics company to stave off a bankruptcy filing, according to the announcement.
"The company does not expect that any bankruptcy or insolvency proceeding will be necessary," the statement said....
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