Revlon

About Revlon

Revlon filed for Chapter 11 bankruptcy on June 15, 2022. The cosmetics company had 3.5 billion in debt, much of it from Ronald Perelmans 1985 leveraged buyout. Perelman had extracted over 1 billion in dividends from Revlon over the years. The company struggled with competition from celebrity brands and direct to consumer beauty companies. Citigroup accidentally wired 900 million to Revlon lenders in 2020 instead of interest payments. A federal court ruled the lenders could keep the money. The appeals court reversed. Revlon emerged from bankruptcy in May 2023 with 2.7 billion in debt eliminated. Perelman lost control of the company. The bankruptcy was completed in less than a year, relatively fast for a complex restructuring.