- Revlon (NYSE:REV) plunged 43% after a report that the cosmetics maker may file for bankruptcy as soon as next week.
- Revlon is preparing to filed for Chapter 11 as soon as next week, Reorg's Harvard Zhang tweeted, citing unidentified sources.
- The latest report comes after the WSJ reported Monday that Revlon (REV) is reportedly in talks with lenders on pushing back debt payment deadlines as the makeup seller looks to avoid a future bankruptcy filing.
- Sources told the WSJ that the talks involve extending the maturity date on about $1.7B in debt that comes due as early as September of 2023. About half of Revlon's (REV) total debt is coming due by 2024.
- Revlon (REV) has over $3 billion in debt. Revlon has short interest of 40%.
- Recall in late April Revlon reported a preliminary quarterly print, $25M equity offering.
Recommended For You
More Trending News
See More »