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Revlon Equity Group Seeks Court Representation After Stock Surge

July 13, 2022, 4:50 PM

A group of Revlon Inc.’s minority shareholders is seeking to become an official committee in the makeup company’s bankruptcy proceedings, arguing the company’s stock could “retain material value” and equity holders aren’t properly represented.

In a letter to a Department of Justice bankruptcy watchdog dated Tuesday and seen by Bloomberg, the holders say Revlon’s stock price suggests “equity is significantly in the money” but “recovery is at risk” because a group of the makeup company’s lenders are controlling the bankruptcy process and “are intent on acquiring Revlon’s core assets on the cheap during a market trough,” threatening the stock. ...