Revlon Sued Over Collateral for Takeover-Deal Loan (Correct)

Revlon Inc. siphoned off the collateral for a nearly $2 billion loan in 2016 that was used to finance the purchase of Elizabeth Arden, UMB Bank NA said in a lawsuit over the ownership rights to brands made by the beauty and cosmetics giant.

UMB Bank, a subsidiary of Kansas City, Missouri-based UMB Financial Corp., claimed Revlon improperly transferred the intellectual property rights used as collateral for the 2016 loan in a series of other transactions starting in 2019 as it lost market share and the pandemic hurt sales. The bank is seeking a court order forcing the return ...