Cosmetics Maker Revlon Files For Bankruptcy

• Cosmetics brand Revlon Inc (NYSE: REV) has filed for bankruptcy under Chapter 11 after facing heavy debt.

• It has filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York.

• Related: Beauty Products Giant Revlon In Talks To File For Chapter 11 Bankruptcy: Report

• The filing will allow the cosmetics maker to reorganize its legacy capital structure and improve its long-term outlook in the face of a liquidity crunch.

• The company expects to receive $575 million in debtor-in-possession (DIP) financing from its existing lender base, which will help fund its day-to-day operations.

• The cosmetics maker has been in the industry for ninety years and has recently struggled to compete with brands driven by social media influencers.

• Revlon has listed assets and liabilities between $1 billion and $10 billion and had long-term debt of $3.31 billion as of March 31.

• None of Revlon's international operating subsidiaries, except Canada and the U.K., were included in Chapter 11 proceedings.

• Price Action: REV shares closed higher by 20.32% at $2.25 on Wednesday.

• Photo Via Flickr

See more from Benzinga

• GM Invests $81M In Global Technical Center To Build Cadillac Celestiq

• Samsara Partners With Stellantis' Free2move For Telematics Data

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.