Wednesday, May 3, 2023

Revlon completes financial restructuring, exits Chapter 11 bankruptcy

Image: Revlon Revlon, Inc. has completed the financial restructuring process and has emerged from Chapter 11 positioned for future success and growth. The newly reorganised company is named Revlon Group Holdings LLC. The company said in a release that with approximately 236 million dollars of liquidity, funded through an equity rights offering, a new money senior secured credit facility, and new asset-based loans, Revlon is emerging from Chapter 11 as a private company on strong financial footing. The company has simplified its capital structure by eliminating more than 2.7 billion dollars in debt from its balance sheet, leaving it with approximately 1.5 billion dollars of debt outstanding. The majority of the company’s reorganised equity is now owned by its former lenders, including affiliates of Glendon Capital Management LP, King Street Capital Management, L.P., Angelo, Gordon & Co., L.P., Antara Capital LP, Nut Tree Capital Management, LP, Oak Hill Advisors, L.P., and Cyrus Capital Partners, LP, among others. Commenting on the development, Debra Perelman, Revlon’s president and CEO, said: “Today marks an important moment in Revlon’s history and evolution. With a simplified capital structure, significantly reduced debt, and a new, highly experienced and committed board of directors, we look forward to unlocking the full potential of our globally recognized brands and continuing to offer our customers the iconic products they have loved for decades.” As previously announced, in connection with its emergence from bankruptcy, Revlon has formed a new board of directors composed of executive chair Elizabeth (Liz) A. Smith, former executive chairman and chief executive officer of Bloomin’ Brands, Inc. and former chair of the Federal Reserve of Atlanta; Martin Brok, former global president and chief executive officer of Sephora; Timothy McLevish, former chief financial officer at Walgreens Boots Alliance, Inc.; Hans Melotte, former president of Starbucks’ global channel development; and Paul Pressler, chairman of the board of directors of eBay, Inc. On a preliminary basis, the company added, net sales for the first quarter were 490 million dollars versus 483 million dollars, operating income was 51 million dollars versus 19 million dollars and recurring EBITDA was 77 million dollars, representing a 15.8 percent margin, versus 50 million dollars or a 10.4 percent margin, forecasted in the business plan announced on December 19, 2022.
http://dlvr.it/SnSFzh

No comments:

Post a Comment