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...Revlon used a drop-down to borrow from a group led by Angelo Gordon....
...is also trying to release Citi from a 2020 consent order with banking regulators that required it to upgrade processes and technology after it mistakenly wired $900mn to creditors of one of its clients, Revlon...
...Recent situations PJT has been involved with include WeWork, Carvana and Revlon....
...In the summer of 2020, a so-called fat finger error resulted in a $900mn loan being paid back to lenders of Citi’s client Revlon, instead of the intended interest payment of less than $8mn....
...The US cosmetic group’s lenders will take control of Revlon’s new equity....
...JOSHUA FRANKLYN: In 2022, almost two years after the Revlon case, there's another issue with Citi....
...Perelman first acquired Revlon in 1987....
...Filings revealed that Paul, Weiss would charge more than $2,000 an hour for its work for Revlon. The law firm has been representing the cosmetics company in Chapter 11 proceedings....
...and in turn left that value for current Revlon shareholders....
...Uncertainty over the $900mn payment had roiled business at Revlon, which filed for bankruptcy in June in the midst of a supply chain crunch....
...Revlon’s debtors will take a less optimistic view....
...The obvious parallel to Revlon is Hertz, a company that indeed had enormous residual equity value by the time it left bankruptcy last year....
...The Revlon bankruptcy was already complex....
...Such deals gave companies like Revlon a long shot chance of a turnround....
...Might Revlon surprise the market? Think again. A quick vaccine rollout and the return of travel did fuel a sudden turnround in car rental demand. No similar scenario exists for Revlon....
...For Revlon, the nascent recovery has come too late....
...The supply chain disruption had led to shortages of its own products, Revlon said in March....
...The bank has long been by the side of Revlon tycoon Ronald Perelman, but could face off against him and other Revlon stakeholders in bankruptcy court should things get uglier....
...Jeffrey Epstein’s behaviour, US Virgin Islands alleges (FT) Blackstone swoops on listed UK commercial property company (FT) Blackstone fund hit by $4.5bn in withdrawal requests despite property pitch (FT) Revlon...
...Citi is already under a consent order from the Fed, which ordered the bank to upgrade its processes and its technology after it mistakenly wired $900mn to creditors of Revlon, one of its clients....
...Later that same year, a so-called fat finger error resulted in a $900mn loan being paid back to lenders of Citi’s client Revlon, with whom they were in dispute....
...Most hilariously of all, in the summer of 2020 it accidentally transferred $900mn by mistake to creditors of Revlon, instead of the intended interest payment of under $8mn....
...The action came just months after Citi mistakenly wired $893mn of its money to creditors of Revlon, a client, which sparked a legal battle over the funds....
...For Citi, the trading mishap will invoke memories of its blunder in 2020 when it erroneously transferred $900mn to creditors of the cosmetics company Revlon....
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