Revlon To Emerge From Bankruptcy With New Owners: Report

Cosmetics brand Revlon Inc (OTC:REVRQ) is likely to emerge from bankruptcy with new owner and board of directors.
The board will consist of former executives from Bloomin’ Brands Inc (NASDAQ:BLMN), Walgreens Boots Alliance Inc (NASDAQ:WBA) and Sephora, reported the Wall Street Journal.
The members were chosen by a cohort, including Glendon Capital Management LP, King Street Capital Management LP, Angelo Gordon & Co.
Revlon’s bankruptcy ended decades of ownership by billionaire financier Ronald Perelman, who bought the company in 1985.
The beauty products company filed for bankruptcy last year after becoming incapable of battling inflation, debt and supply chain snarls.
Debra Perelman will remain the CEO as well as a board member.
The new Executive Chairman of the board, Elizabeth Smith, is the former CEO of Bloomin’ Brands.
“It’s no secret that the company has been under-resourced and burdened with a balance sheet,” the report quoted Smith.
“For the first time in years, Revlon will have the resources to reclaim its full potential.”
Price Action: REVRQ shares closed lower by 20% at $0.08 on Friday.

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