Revlon plunges after report of potential bankruptcy filing next week

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• 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.

Comments

[Tambo210]

That's after the $900m donation from $C!!

[Justin Cool]

Who the hell is howard Zhang? DIdn't they report great earnings the 1st quarter? Did anyone read the eanrings report? who is howard zhang?

[SwFlaguy]

40% short. Any good news and its going to the moon

[Slade_01]

Revlon, a multi-decade slow motion disaster.

[pat45]

wow...bankruptcy may be the next big thing that and those pay later people say why should I..

[blah64]

interesting..private equity buys it??? anybody hear anything?

[Justin Cool]

@blah64 who the hell is howard zhang? their earnings report said they are in good shape from quartr 1 2022