THE WHAT? Revlon is said to be inviting interested parties to submit bids for its assets, according to a report published by Bloomberg.
THE DETAILS The US beauty giant, which filed for Chapter 11 bankruptcy earlier this year, is vetting potential bidders and asking them to sign non-disclosure agreements, said Bloomberg quoting the firm’s lawyer.
THE WHY? The terms of Revlon’s bankruptcy loan set strict deadlines by which the company must deliver value for its creditors. US Bankruptcy Judge David S Jones said at a recent hearing, per Bloomberg, “Deadlines breed creativity and solutions. They are what they are and I am hoping to see creativity and solutions.”