THE WHAT? A group of Revlon’s minority shareholders has applied to be represented in the US beauty giant’s bankruptcy case, according to a report published by Bloomberg.

THE DETAILS Together, the shareholders hold approximately 12.8 percent of stock and will be represented by White & Case. The group has requested that the Department of Justice’s bankruptcy watchdog make a decision in advance of the hearing, which is scheduled for July 22.

THE WHY? The group is arguing that Revlon’s stock could ‘retain material value’, per Bloomberg; shares soared in the wake of the bankruptcy announcement.