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Province selected to serve as financial advisor to the Unsecured Creditors’ Committee of Revlon, Inc.

Province Selected To Serve as Financial Advisor to the Unsecured Creditors’ Committee of Revlon, Inc.

The Unsecured Creditors’ Committee (UCC) of Revlon, Inc. today selected Province to serve as their financial advisor in the chapter 11 bankruptcy of the cosmetics giant, Revlon.

Revlon filed for chapter 11 protection in the Southern District Court of New York on June 15. According to a declaration filed by a spokesperson for Revlon, over the past few years, the Debtor and its management team have actively implemented strategies to address liabilities, grow business and execute its business plan. In doing so, the Debtor has optimized its global supply chain, enhanced its in-market commercial execution, reduced overhead costs and streamlined its operational and business processes.

Despite the aforementioned efforts, the coronavirus pandemic, a cumbersome debt load and ongoing issues with a flawed supply chain applied severe strain on the Debtor, ultimately forcing the cosmetics manufacturer to file for chapter 11 protection.

On June 17, Revlon received interim approval for its debtor-in-possession (DIP) financing, granting an up to $1.025B term loan facility and a $400M ABL facility. The $1.025B term DIP loan includes a $575M committed facility and a $450M uncommitted facility that will be available at the sole discretion of the term DIP lenders.

Case milestones, outlined in the DIP financing agreement, give the Debtor until November 1 to enter into a restructuring support agreement, require the restructuring plan to be filed by November 30, state that the plan must be confirmed April 1 and declare that the plan be put into action by April 15.

Information for this article was collected from the Revlon Case Profile in Debtwire’s Restructuring Database.