Shortly before midnight on June 15, 2022, cosmetic giant Revlon, Inc., along with several subsidiaries, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Lead Case No. 22-10760). The company, which cited supply chain disruption and rising inflation as bases for its filing, will pursue a reorganization funded by a proposed $575 million DIP financing from its existing lender base. The company reports $1 billion to $10 billion in both assets and liabilities.
Additionally, the company intends to pursue a CCAA recognition proceeding under Canadian Insolvency law in Ontario with Revlon Inc. acting as the foreign representative.