(Tiper Stock Exchange) – Revlona US multinational active in the cosmetics sector, has announced that it has successfully completed the financial restructuring process and is out of Chapter 11the main reorganization procedure in the United States, the purpose of which is to restore the company.
With approximately $236 million in liquid assets, funded through an equity rights offering, a new senior secured facility and new asset-based loans, Revlon is emerging from Chapter 11 as “a private company with a solid financial basis“, reads a note.
The company has significantly streamlined its capital structure eliminating more than $2.7 billion of debt from its balance sheet, leaving it with about $1.5 billion in outstanding debt. Most of the equity is now owned by his former lenders, including affiliates of Glendon Capital Management, King Street Capital Management, Angelo, Gordon & Co, Antara Capital, Nut Tree Capital Management, Oak Hill Advisors and Cyrus Capital Partners.
“Less than a year into the financial restructuring process, I am proud to say that today we are emerging as a stronger company well positioned for long-term growth,” commented the CEO Debra Perelman – With a streamlined capital structure, significantly reduced debt and a new board of directorshighly experienced and committed, we look forward to unlocking the full potential of our globally recognized brands and continuing to offer our customers the iconic products they have loved for decades.”
In the first quarter 2023 the company had: net sales of $490 million, versus $483 million in the business plan; operating profit of 51 million dollars against the 19 million dollars foreseen in the business plan; Recurring EBITDA of $77 million, or a 15.8% margin, versus $50 million, or a 10.4% margin, in the plan.