- Revlon Inc’s REV restructuring initiatives have got complicated due to a $900 million banking error by Citigroup Inc C, the Financial Times reported.
- The cosmetics maker had filed for bankruptcy last week after being mired in debt.
- Related: Cosmetics Maker Revlon Files For Bankruptcy
- The report noted that in 2020 Citigroup had erroneously used its own money to repay a $900 million term loan it administered on behalf of Revlon that was held by multiple asset management groups.
- While holders of $400 million of the loan quickly returned the erroneous payment, funds that owned $500 million of the loan kept the cash, the report added.
- Also Read: Indian Conglomerate Reliance Eyes Bankrupt Revlon: Reuters
- Price Action: REV shares are trading higher by 3.75% at $3.87 on the last check Tuesday.
- Photo Via Pixabay
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