Revlon, Inc. has successfully completed the financial restructuring process and has emerged from Chapter 11 positioned for future success and growth. The newly reorganized company, formally announced on May 2, 2023, is named Revlon Group Holdings LLC.

With approximately $236 million of liquidity, funded through an equity rights offering, a new money senior secured credit facility, and new asset-based loans, Revlon is emerging from Chapter 11 as a private company. The company says it has significantly simplified its capital structure by eliminating more than $2.7 billion in debt from its balance sheet, leaving it with approximately $1.5 billion of debt outstanding. The majority of the company’s reorganized equity is now owned by its former lenders, including affiliates of Glendon Capital Management LP, King Street Capital Management, L.P., Angelo, Gordon & Co., L.P., Antara Capital LP, Nut Tree Capital Management, LP, Oak Hill Advisors, L.P., and Cyrus Capital Partners, LP, among others.

“Today marks an important moment in Revlon’s history and evolution. Less than a year after beginning the financial restructuring process, I’m proud to say that we are emerging today as a stronger company that is well positioned for long-term growth,” Debra Perelman, Revlon’s President and Chief Executive Officer, said in a statement.  “With a simplified capital structure, significantly reduced debt, and a new, highly experienced and committed board of directors, 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.”

Revlon filed for Chapter 11 in June 2022.

New Board of Directors

As previously announced by Happi, in connection with its emergence from bankruptcy, Revlon new board of directors.

Q1 Preliminary Results

The company released estimated preliminary financial results for the first quarter of fiscal 2023, shared in a Form 8-K filed with the Securities and Exchange Commission (SEC) on April 25, 2023.

Net sales for the quarter were $490 million versus $483 million forecasted in the company’s business plan set forth in the company’s Form 8-K filed with the SEC on December 19, 2022 (Business Plan). Operating income was $51 million versus $19 million forecasted in the Business Plan. Recurring EBITDA was $77 million, representing a 15.8% margin, versus $50 million, or a 10.4% margin, forecasted in the Business Plan.