8/22/2023 0 Comments Openaudible split chaptersLiz Smith said: “I am confident that today’s milestone is only the beginning of Revlon’s bright future. Hans Melotte, former President of Starbucks’ Global Channel Development and Paul Pressler, Chairman of the Board of Directors of eBay, Inc. and former Chair of the Federal Reserve of Atlanta Martin Brok, former Global President and Chief Executive Officer of Sephora Timothy McLevish, former Chief Financial Officer at Walgreens Boots Alliance, Inc. Smith, former Executive Chairman and Chief Executive Officer of Bloomin’ Brands, Inc. With a simplified capital structure, significantly reduced debt, and a new, highly experienced and committed Board of Directors, we look forward to unlocking the full potential of our globally recognized brands and continuing to offer our customers the iconic products they have loved for decades.”Īs previously announced, in connection with its emergence from bankruptcy, Revlon has formed a new Board of Directors for the reorganized company comprised of senior executives with deep knowledge of the global consumer, retail, and beauty industries, including Executive Chair Elizabeth (Liz) A. Less than a year after beginning the financial restructuring process, I’m proud to say that we are emerging today as a stronger company that is well positioned for long-term growth. The majority of the Company’s reorganized equity is now owned by its former lenders, including affiliates of Glendon Capital Management LP, King Street Capital Management, L.P., Angelo, Gordon & Co., L.P., Antara Capital LP, Nut Tree Capital Management, LP, Oak Hill Advisors, L.P., and Cyrus Capital Partners, LP, among others.ĭebra Perelman, Revlon’s President and Chief Executive Officer, said: “Today marks an important moment in Revlon’s history and evolution. The Company has significantly simplified its capital structure by eliminating more than $2.7 billion in debt from its balance sheet, leaving it with approximately $1.5 billion of debt outstanding. With approximately $236 million of liquidity, funded through an equity rights offering, a new money senior secured credit facility, and new asset-based loans, Revlon is emerging from Chapter 11 as a private company on strong financial footing.
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