Revlon Nears Creditor Support for Deal to Dodge Bankruptcy (2)

Revlon Inc. is close to gaining enough support from bondholders to eliminate a key piece of debt and avoid a bankruptcy filing, according to people with knowledge of the matter. The stock surged more than 60%.

The cosmetics company said Wednesday that bondholders have now agreed to tender about 69% of a $343 million bond issue that must be paid down by next week to avoid a cascade of other debt payments. While that’s short of Revlon’s original goal, the company is expecting additional holders to sign on and is contemplating whether to close the exchange, the people said, asking ...