About Services Case Studies Insights News Resources Gordian Group President Peter Kaufman – Revlon Avoids Bankruptcy | New York Post November 12, 2020/Media Coverage, News, Print/Online more Revlon Confirms It Has Reached a Deal to Avoid Bankruptcy November 12, 2020 By Josh Kosman Revlon said Thursday it has closed a debt-exchange with creditors including billionaire Carl Icahn that will save the company from bankruptcy. Confirming an exclusive Wednesday report by The Post, the cosmetics giant controlled by Ron Perelman said early Thursday that it “does not expect that any bankruptcy or insolvency proceedings will be necessary” after closing a debt exchange offer ahead of a Nov. 16 default deadline. Now the money-losing company — whose already-weak business got slammed during the pandemic as demand for beauty products plummeted — has no debt maturities until 2024 so it has time to stabilize operations. Revlon said 69 percent of $343 million in bonds agreed to swap their debt for new debt that has a later maturity. Perelman’s team struck a deal Tuesday night with Icahn, clearing what was the biggest hurdle in the deal, sources told The Post. Holders of $107 million in bonds, representing 31 percent of outstanding bondholders, will get paid in full, Revlon said. The Post reported exclusively this week that Revlon said it could not find holders of about $90 million in bonds and that they were mom-and-pop retail investors. There is speculation Perelman owns many of the untendered bonds and will now make a nice profit from his positions. “Thats a huge percentage of holders getting paid in full, and a huge disparity in value paid,” said distressed investment banker Peter Kaufman, President of Gordian group, who is not involved in Revlon. “From the public facts, it feels like the holders just blinked.” Click here to read full story. more Pages Cost of Capital (6) Events (31) Insights (49) Perspectives (28) Private Equity Series (16) Sector Spotlight (8) Media Coverage (207) Audio (10) Print/Online (127) Video (69) News (41) Press Releases (23) Publication (4) Questions that Keep CFOs Up at Night (10) Recognition (67) Post navigation ← Gordian Group President Peter Kaufman – On Restructuring and Bondholders | New York Post Prognosis for Distressed Healthcare Companies → Gordian Group, LLC 950 Third Avenue, 17th floor New York NY 10022 212.486.3600 212.486.3616 info@gordiangroup.com careers@gordiangroup.com We Wrote the Books When boards and equity owners need specialized help...Gordian Group wrote the definitive books in our field: Equity Holders Under Siege: Strategies and Tactics for Distressed Businesses and Distressed Investment Banking: To the Abyss and Back. See our Publications page for details. © Gordian Group, LLC, LLC–GORDIANSM and GORDIAN GROUPSM are service marks of GORDIAN GROUP, LLC. · Privacy · Legal · Member SIPC and FINRA · BrokerCheck Icons used on this site are made by Freepik, monkik, prettycons, and dDara from flaticon.com and are licensed by CC 3.0 BY. · Photos Copyright © Alexa Van de Walle · Site by Transmit Studio