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Revlon Inc. was approved by the court to proceed with its $1.4 billion loan so it can work on getting itself out of bankruptcy. A U.S. bankruptcy judge announced his decision on Monday, Aug. 1.
As per Reuters, the ruling was a response to the objection by junior creditors who asserted that its heavy terms may obstruct their chance to get back anything from Revlon’s bankruptcy. To resolve this, Judge David Jones also ordered for the loans to be modified to address the concerns of the junior creditors.
Then again, the judge stated that the cosmetic company must also be allowed to borrow the money or funds it needs so it can continue with its operations while in bankruptcy.
It was in June this year when Revlon filed for Chapter 11 and stated that its $3.5 billion debt has left the company very cash-poor to make timely payments to its important vendors in its supply chain.
Thus, to be able to keep up with its supply chain while also funding its bankruptcy court case at the same time, the company sought for additional financing from BrandCo Lenders, which allowed Revlon to borrow $1.88 billion in the years before it filed for Chapter 11
“Today’s filing will allow Revlon to offer our consumers the iconic products we have delivered for decades while providing a clearer path for our future growth,” Revlon’s president and chief executive officer, Debra Perelman, said in a press release after filing for bankruptcy two months ago. “Consumer demand for our products remains strong – people love our brands, and we continue to have a healthy market position.”
She added at that time, “We are committed to ensuring the reorganization is as seamless as possible for our key stakeholders, including our employees, customers and vendors, and we appreciate their support during this process.”
Finally, it was added that the judge allowed the company to borrow $375 million at the beginning of its bankruptcy. And his latest ruling is allowing Revlon to secure new funds worth between $200 million and $1.05 billion. Part of this money will be used to pay the company’s outstanding debts to BrandCo lenders.
