Revlon's previous chairman Ronald Perelman is out as part of a bankruptcy agreement.
bankruptcy
The plan will eliminate more than $2.7 billion in debt from its balance sheet, with approximately $1.5 billion of debt outstanding. In exchange, the majority of Revlon’s equity will be owned by former lenders of a 2020 loan, known as the Brandco lenders. Perelman’s daughter, Debra Perelman, will remain as Revlon’s president and CEO. The company is understood to be actively recruiting other executivess, in addition to the chair., Revlon had been struggling with a hefty pile of debt — about $3.7 billion — that it spent much of 2020 renegotiating, which enabled it to avoid a more formal restructuring process back then. But supply chain issues, soaring inflation and increased competition from the likes of the Estée Lauder Cos., Coty Inc.
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