Revlon Inc. is preparing to file for chapter 11 protection as soon as next week. The cosmetics maker, owned by billionaire Ron Perelman’s MacAndrews & Forbes, has been in restructuring talks with top-ranking lenders ahead of debt maturities that begin next year. Revlon shares dropped 53% on Friday to $2.05 a share. The company’s nearest upcoming debt maturity is in September 2023 and involves an $866 million loan that was paid off by accident in 2020 by administrative agent Citigroup Inc. with its own money rather than Revlon’s. Some lenders gave the money back to Citi, but others kept roughly $500 million of the accidental payment. The bank has appealed, and an appellate decision is pending. . . .
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