THE WHAT? Revlon has been given permission by U.S. bankruptcy judge David Jones to proceed with a US$1.4 billion loan, following an objection filed by junior creditors, according to a report by Reuters.
THE DETAILS The Judge instructed modifications to the loan in response to the junior creditor concerns, however, stated that the beauty giant must be able to borrow the cash needed to continue its operations in bankruptcy.
Revlon is also committed to non-financial conditions as part of the Judge’s approval, including a schedule to exiting the bankruptcy by April 2023 on terms that are favourable to lenders.
While having been given more authority to bring lawsuits on Revlon’s behalf, the junior creditors may bring a lawsuit against the BrandCo lenders behind the new loan.
They allege that previous lenders ‘fleeced’ Revlon stakeholders in a 2020 debt restructuring that used the company’s intellectual property as collateral.
THE WHY? Revlon creditors have previously branded the company’s bankruptcy a ‘mess’ in the court filing, opposing the loan.
The filing stated that the bankruptcy filing would give too much power to a coalition of lenders, known as BrandCo Lenders, that hold around half of the US$3.5 billion of debt, at a time of uncertainty for the company and who should control it.
Aesthetic products generally refer to a broad category of items designed to enhance or improve one's appearance, often focusing on skincare, beauty, and personal grooming. These products are typically used to maintain or enhance physical attractiveness and may include a wide range of items intended for both professional and personal use. Here are some common types of aesthetic products:
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Skincare Products: Including cleansers, moisturizers, serums, and treatments designed to address various skin concerns such as acne, aging, hyperpigmentation, and sensitivity.
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Cosmetics: Makeup products such as foundations, concealers, eyeliners, lipsticks, and eyeshadows used to enhance facial features and achieve desired looks.
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Hair Care Products: Shampoos, conditioners, styling products, and treatments to maintain and improve the health and appearance of hair.
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Fragrances: Perfumes and colognes used to enhance personal scent and attractiveness.
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Dental Care Products: Toothpaste, mouthwash, whitening treatments, and dental floss aimed at maintaining oral hygiene and enhancing smile aesthetics.
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Personal Grooming Tools: Including razors, electric shavers, trimmers, and grooming kits used for hair removal and personal hygiene.
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Beauty Devices: Devices such as facial cleansing brushes, LED light therapy masks, and microcurrent devices designed for at-home skincare treatments.
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Nutritional Supplements: Supplements aimed at promoting skin health, hair growth, and overall well-being, often containing vitamins, minerals, and antioxidants.
