DISTRESSED DAILY: Revlon Has Two Years to Try Turnaround Luck

Ron Perelman’s Revlon has bought itself more time for a business makeover.

The cosmetics giant now has about two years to execute a turnaround, according to Bloomberg Intelligence analyst Phil Brendel. The company reported improving profits in recent earnings results following cost cuts and a pickup in makeup demand coming out of the pandemic.

Revlon’s maturity schedule is now effectively “cleared out” until June 2023, Brendel wrote, giving it two years to “grow into its over-leveraged capital structure.” Debt investors are skeptical for now, though. Revlon’s bonds due 2024 last traded around 39 cents on April 30, ...