Revlon Inc (NYSE:REV) shares turned sharply lower Monday following a Dow Jones report suggesting Revlon shareholders are unlikely to receive much, if anything, as a result of the company’s bankruptcy.
According to the report, Revlon said in a court filing that it doesn’t need an official equity holders committee for the chapter 11 process because it appears that shareholders are unlikely to receive much as a result of the reorganization.
Revlon reportedly noted that Hertz Global Holdings Inc (NASDAQ:HTZ) didn’t have an official shareholder committee as part of its bankruptcy, yet the company paid out approximately $1 billion in equity value.
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REV Price Action: Revlon has a 52-week high of $11.86 and a 52-week low of $1.08.
The stock was down 11.2% at $7.54 at press time, according to Benzinga Pro.
Photo: Bruno /Germany from Pixabay.
