Revlon Files Bankruptcy, Says Debts Limit Ability to Meet Demand

Updated at 9:13 am EST

Revlon  (REV) – Get Revlon Inc. Report shares slumped decreased in pre-marketplace investing soon after the cosmetics team filed for Chapter 11 individual bankruptcy safety of its U.S. organization.

Saddled with around $3.3 billon credit card debt and suffering from provide chain snarls and growing opposition from nimbler rivals, Revlon shown liabilities of amongst $1 billion and $10 billion in its Chapter 11 filing with the Bankruptcy Court for the Southern District of New York.

Revlon reported it has arranged $575 million in so-identified as ‘debtor-in-possession’ funding that will guidance its day-to-working day operations in the U.S. Revlon’s global subsidiaries were being not involved in the filing, the corporation reported.