A day after struggling American cosmetics major Revlon filed for Chapter 11 bankruptcy protection, ET Now reports that Indian conglomerate Reliance Industries (RIL) is exploring a buyout of Revlon, sending its shares 62% higher on Friday.

The company also got approval from the bankruptcy court to borrow $375mn to shore up supply chain issues. Revlon will retain about $300mn of the bankruptcy loan for day-to-day business, and use $75mn to pay debts at foreign subsidiaries which is not part of the US bankruptcy. The company expects approval for another $200mn loan. Revlon is down to $6mn in cash and struggling to fulfill retail customers’ orders. Chief restructuring officer Robert Caruso said, “The company is currently able to fill 70% of customer orders without backlog or cancellations, compared to an industry standard of 90-95%. Without access to raw materials, Revlon cannot meet sales demands, leaving the company with dwindling cash to solve its supply problem.

Revlon’s dollar bonds were trading higher with its 6.25% 2024s up over 1 point to 6.5 cents to a dollar.

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