Perelman’s Cosmetics Empire Revlon Hinges on Finishing Debt Deal

Revlon Inc. is telling investors that if it can’t restructure its debt in the coming days, it could file for bankruptcy. But some bondholders may be banking on the makeup company’s majority owner, Ron Perelman, bailing it out.

The makeup company has two weeks to complete a $343 million bond swap or otherwise eliminate the notes. If it fails, it would trigger a $1 billion loan repayment in mid-November. Revlon lacks the liquidity to pay down the debt if investors balk at the exchange, forcing it to weigh options including a Chapter 11 filing to stay in business, according ...