Revlon Shares Soar Ahead of Deadline to Avert Debt Default (3)

Revlon Inc. shares soared as the embattled cosmetics company wrangled with creditors over terms of a debt overhaul just hours before a deadline that could lead to a default and bankruptcy.

The stock rose as much as 124%, the most ever on an intraday basis, before closing at $8.79 Tuesday for a 47% gain. Revlon’s bonds due 2021 also jumped 17 cents on the dollar to 53.5 cents, according to Trace bond trading data.

A representative for New York-based Revlon declined to comment.

Billionaires Ronald Perelman and Carl Icahn are facing off over a proposed debt exchange offer, which asks ...