By Vince Sullivan (June 17, 2022, 6:28 p.m. EDT) — Cosmetics giant Revlon Inc. received tentative approval on Friday to tap a $575 million debtor-in-possession loan in its Chapter 11 case, with a judge of New York allowing a roll-up of certain pre-petition loans.
During a virtual hearing, U.S. Bankruptcy Judge David S. Jones overruled objections from a group of unsecured creditors and granted Revlon initial approval to access $375 million in loan funding contracted after the petition and to accumulate existing asset-based loans while paying approximately $76 million to service loans held by non-debtor foreign subsidiaries of the company.
The trustee of more than $430 million in unsecured…
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