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Revlon Inc. revealed last week it is now considering the sale of the company while it is dealing with financial ruin. Bankruptcy lawyers said in court that the American cosmetics firm is connecting with possible buyers to find a way out of its Chapter 11 quickly.
Paul Basta, the cosmetic firm’s lawyer, told U.S. Bankruptcy Judge David Jones that Revlon is all set to proceed with the next phase of its bankruptcy after establishing a firm relationship with merchants and finalizing a long-term business plan.
The lawyer further said that the company is exploring a possible sale of its business and has already started distributing non-disclosure agreements to all interested bidders. Then again, it was reported that junior creditors of Revlon claimed in court that stepping up the sale before the holiday season this year will only be beneficial to senior lenders that drove the company to agree with the unrealistic deadlines as part of its $1.4 billion bankruptcy loan.
It was noted that the court approved the loan, which requires Revlon and its lenders to finalize a bankruptcy restructuring agreement by November. The given deadline is said to be insufficient because, with the given short period, the stakeholders do not have enough time to review the company’s new business plan.
Robert Stark, the junior creditors’ lawyer, further pointed out that stakeholders will not be able to offer a realistic way of rehabilitating the company. "We have a very big and complicated mess on our hands and it is not going to get done in two weeks," he said.
On the other hand, Basta said that coming out of bankruptcy as fast as possible is of paramount importance due to the high fees that Revlon is continuously incurring. The company has until Jan. 19 to officially submit its bankruptcy plan. Meanwhile, Revlon confirmed last week that New York Stock Exchange (NYSE) decided to delist the company’s common stock.
“Revlon, Inc. today announced that on Oct. 20, 2022, the NYSE Regulatory Oversight Committee’s Committee for Review rejected the Company's appeal and affirmed the New York Stock Exchange Staff's decision to delist the Company's Class A common stock,” Revlon said in a press release. “This is following the June 15, 2022 Chapter 11 filing by the Company and certain of its subsidiaries in the U.S. Bankruptcy Court for the Southern District of New York.”
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