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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....
...Read more on Revlon here...
...The US cosmetic group’s lenders will take control of Revlon’s new equity....
...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....
...Read more about Revlon’s fate here....
...Perelman first acquired Revlon in 1987....
...Joshua Franklin They had one particularly big misstep back in 2020 involving the cosmetics company Revlon....
...JOSHUA FRANKLYN: In 2022, almost two years after the Revlon case, there's another issue with Citi....
...Ron Perelman’s Revlon stake to be wiped out in bankruptcy settlement The bankrupt cosmetics maker has reached an agreement with its lenders and bondholders to give them ownership of the company....
...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....
...Angelo Gordon, which manages $73bn in assets with 650 employees worldwide, has had important roles in steering recent bankruptcies such as Revlon and Envision Healthcare....
...In the chart, note the creditor classes 4, 5 and 6: Before a new Revlon loan in 2020, the members of those three groups were all equally ranked....
...The obvious parallel to Revlon is Hertz, a company that indeed had enormous residual equity value by the time it left bankruptcy last year....
...Revlon’s debtors will take a less optimistic view....
...Uncertainty over the $900mn payment had roiled business at Revlon, which filed for bankruptcy in June in the midst of a supply chain crunch....
...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....
...Such deals gave companies like Revlon a long shot chance of a turnround....
...News clipWell, this just in: iconic beauty company Revlon has filed for bankruptcy protection....
...The Revlon bankruptcy was already complex....
...For Revlon, the nascent recovery has come too late....
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