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Cosmetics Giant Revlon It filed for Chapter 11 bankruptcy protection on Wednesday evening as it grapples with a burgeoning debt load and a dysfunctional supply chain.
The company said it expects to receive $575 million in debtor-in-possession financing from its existing lender base, which will help support its day-to-day operations.
“Today’s filing will allow Revlon to continue to offer our consumers the iconic products it has delivered for decades, while providing an opportunity for our future growth,” Revlon President and CEO Debra Perelman said in a press release issued Thursday morning. will provide a clear path.”
“Our challenging capital structure has limited our ability to navigate macro-economic issues to meet this demand,” Perelman said.
The nail polish and lipstick maker, which is controlled by billionaire Ron Perelman’s McAndrews & Forbes, has levied assets and liabilities of between $1 billion and $10 billion, according to a filing with the U.S. Bankruptcy Court for the Southern District of New York. is listed.
PJT Partners is acting as financial advisor to Revlon, and Alvarez & Marsal is serving as restructuring advisor.
This story is developing. Please check back for updates.