Revlon's Bankruptcy Proceedings Complicated By Citi's $900M Loan Repayment Error: FT

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