Cosmetics maker Revlon nears bankruptcy filing – WSJ

A Community Basic safety officer keeps view as people stand in front of a billboard owned by Revlon that usually takes their photographs and displays them in Instances Sq. in the Manhattan borough of New York October 13, 2015. REUTERS/Carlo Allegri/Documents

June 10 (Reuters) – Cosmetics maker Revlon Inc (REV.N) is making ready to file for chapter 11 protection as shortly as up coming 7 days, the Wall Avenue Journal described on Friday, citing men and women familiar with the subject.

Revlon, whose shares declined 46%, did not promptly answer to a Reuters ask for for comment.

The lipstick maker started talks with loan companies ahead of looming personal debt maturities to try to steer the business very clear of personal bankruptcy, the WSJ claimed very last 7 days.

Revlon had prolonged-time period financial debt of $3.31 billion, as of end-March.

Demand from customers for makeup items has bounced back in modern months as folks across the world undertaking out extra typically. But Revlon, which faces stiff opposition from electronic-native upstart makes, said in March it faced offer chain constraints that harm its capacity to support desire.

Reorg Investigation very first noted Revlon was planning to file for personal bankruptcy.

Reporting by Praveen Paramasivam in Bengaluru Enhancing by Krishna Chandra Eluri

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