Picture: 123RF/VICTOR69
Picture: 123RF/VICTOR69

Bengaluru — Revlon said on Thursday that enough bondholders had taken part in its debt restructuring programme for the cosmetics maker to stave off bankruptcy.

The company had warned earlier in November that it may be forced to file for chapter 11 bankruptcy protection if a certain amount of its bonds, worth $342.8m, were still outstanding by mid-November, as it would trigger the accelerated repayment of other debts.

Holders of about $236m, or 68.8%, of the company’s outstanding bonds that mature in February had been tendered into an exchange offer by the end of Tuesday, Revlon said on Thursday.

Revlon offered holders either up to 32.5c on the dollar in cash for their bonds, or a combination of cash and new debt.

“The company does not expect that any bankruptcy or insolvency proceeding will be necessary,” it said in a statement.

Reuters

Would you like to comment on this article or view other readers' comments?
Register (it’s quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.