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Revlon Inc. finally emerged from bankruptcy after struggling for some time. The company successfully chopped off more than $2.7 billion in debt, and control of management was turned over to its new owners.
Revlon said this week that control of the company was handed over to its lenders. The cosmetic firm's chief executive officer, Debra Perelman, commented that Revlon became stronger after emerging from bankruptcy, and now it is well-positioned for long-term growth.
Reuters reported that Revlon has a 91-year history of selling beauty products but filed for bankruptcy in June 2022. It was forced to do so due to the accumulation of a $3.5 billion debt, plus the pandemic has dampened its sales.
Now that it has recovered, Revlon has appointed a new board of directors who are expected to guide the company in its post-bankruptcy endeavor. It has selected experienced executives from the beauty, consumer, and retail industries, such as former Sephora chief, Martin Brok.
Moreover, Revlon's new owners are King Street Capital Management, Glendon Capital Management, Oak Hill Advisors, and Angelo Gordon & Co. Noah Charney, the managing director at King Street Capital, said they are proud to "serve as stewards" of the legendary company and vowed to provide support as Revlon "embarks on its path to sustainable, profitable growth."
"Today marks an important moment in Revlon's history and evolution. Less than a year after beginning the financial restructuring process, I am proud to say that we are emerging today as a stronger company that is well positioned for long-term growth," Revlon's president and CEO, Debra Perelman, said in a press release.
She added, "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."
Photo by: Highlight ID/Unsplash
