The troubled beauty business submitted a bankruptcy agreement that would give control of the company to secured lenders. It is not approved yet, and a sale is still on the table.
Any agreement would require the approval of a U.S. bankruptcy court and for Revlon to exit the Chapter 11 bankruptcy process by no later than April 17, while the option of a sale is also still on the table. A hearing will be held on Thursday.
Revlon has been struggling with a hefty pile of debt — about $3.7 billion — that it spent much of 2020 renegotiating, which enabled it to avoid a more formal restructuring process back then. But supply chain issues, soaring inflation and increased competition from the likes of The Estée Lauder Cos., Coty Inc. and a plethora of digital start-ups have only exacerbated the situation and these factors, combined with loans coming up for renewal, forced it into bankruptcy earlier this year.
Her father, Ron Perelman, has been the majority owner of Revlon since the mid-’80s, gaining control via a hostile takeover through his company MacAndrews & Forbes. He took Revlon to new heights in the ’80s and ’90s, when he used the brand to catapult himself into the worlds of society, fashion and Hollywood by tapping such faces as Cindy Crawford, Christy Turlington, Jerry Hall and more.
But in 2020 he revealed that he’d been selling off assets — from companies to fine art — and at the beginning of this year, he offloaded his opulent Lily Pond Lane mansion in East Hampton, New York, for $84 million. This was down from the original listing price of $115 million.
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