Familiar Foes Icahn and Perelman at Odds in Revlon Restructuring

Billionaires Ronald Perelman and Carl Icahn are facing off as Revlon Inc. seeks to restructure its debt load and avert bankruptcy in the coming days.

Icahn, who is among the largest holders of $343 million of Revlon notes due next year, has been holding out on a proposed debt exchange that would loosen the company’s debt load and allow it to stave off a potential bankruptcy filing, according to people with knowledge of the matter. Icahn hasn’t participated in the exchange -- in which holders would be paid a significant discount to face value -- because he doesn’t believe it ...