Bloomberg Law
Nov. 10, 2020, 10:37 PM

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

Katherine Doherty
Katherine Doherty
Bloomberg News

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 ...

Learn more about Bloomberg Law or Log In to keep reading:

Learn About Bloomberg Law

AI-powered legal analytics, workflow tools and premium legal & business news.

Already a subscriber?

Log in to keep reading or access research tools.