THE WHAT? Some Revlon creditors who were mistakenly sent US$900 million by Citigroup have requested a rehearing from a federal appeals court, following its ruling that they had to return the money.
THE DETAILS The creditors appealed to the 2nd US Circuit Court of Appeals to have a larger panel of judges review the decision made by a three-judge panel.
Creditors include Brigade Capital Management LP, HPS Investment Partners LLC and Symphony Asset Management.
THE WHY? The ruling that the creditors had to return the money followed a lower-court ruling that they would be able to keep US$504 million, which was mistakenly wired in 2020.
Some lenders had returned the money.