Revlon to Exit Bankruptcy as Private Firm With $285m Liquidity

Revlon confirmed that its bankruptcy reorganization plan was approved and said it plans to emerge in late April as a private company.

• Expected to emerge with ~$285 million of liquidity, to be funded through an equity rights offering, a new money senior secured credit facility, and new asset-based loans
• Will eliminate more than $2.7 billion in debt from its balance sheet, with ~$1.5 billion of debt outstanding
• Majority of equity will be owned by former lenders
• NOTE: (Yesterday) Revlon Cleared to Exit Bankruptcy, Slash $2.7 Billion of Debt

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