THE WHAT? Revlon has reached an agreement with its creditors which, if voted through, will allow the US make-up giant to complete the bankruptcy process by April, according to a report published by Reuters.
THE DETAILS The deal removes the last obstacle in the process, meaning Revlon’s restructuring proposal will be sent to lenders for a vote. Under the terms of the settlement, 2016 lenders can receive up to US$56 million in cash or opt for up to 18 percent of the company’s bankruptcy equity shares.
THE WHY? Revlon filed for bankruptcy last June amid a high debt load which affected cash flow leaving it unable to pay suppliers.