Cosmetics giant Revlon files for bankruptcy

cosmetics giant revlon It filed for bankruptcy on Thursday, citing “liquidity problems” due to global shocks from high inflation, persistent bottlenecks in the global supply chain and liabilities to its creditors.

The company released a statement last morning, announcing that it has voluntarily accepted Chapter 11 of the Covenant. bankruptcy court From the Southern District of New York.

According to the CNBC network, the company had long-term debt on March 31. $3.31 billionAt the close of the Wall Street stock market on Wednesday, its market cap was $123 million.

In the hours before the stock market open, the company paralyzed transactions on its shares. fell 4.44% on your final offer.

Filing for bankruptcy as Revlon tries to continue all its activities”reorganize the capital structure and improve their long-term prospects.

If the bankruptcy court approves the application, Revlon hopes to receive $575 million in financing from the debtor’s hands (“dip“), will allow it to support its current operations because, he claims, the company continues to have “strong support from its creditors.”

Revlon CEO Debra Perelman emphasized that the company is committed to restructuring.as smooth as possible for our shareholders, employees, customers and vendors”.

Founded in 1932, the company is one of the most important companies in the field of cosmetics -especially hair cosmetics- and operates in Turkey. 150 countries, employs about 6,000 people and owns iconic brands like Elizabeth Arden, Mitchum, Cutex, as well as some brands associated with personalities like Britney Spears or Christina Aguilera.

Source: Informacion

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