Revlon reported $3,422.7 million in total debt shortly before it filed. This article covers why it filed, how the case progressed, who was affected, what happened after emergence, and how to verify the current status yourself. Dates and figures come from court records, SEC filings, and company announcements.
Key Takeaways
- Revlon's case was a restructuring of Revlon, Inc. and 50 affiliates, not a brand closure.
- Heavy debt, inflation, and supply-chain failures drove the June 2022 filing.
- The plan took effect May 2, 2023, but talc-related litigation continued afterward.
- Check ownership, board, and product availability against current sources, not old coverage.
What Does Chapter 11 Mean in Revlon's Case?
Chapter 11 is a U.S. reorganization process. According to U.S. Courts, a debtor generally keeps possession and control of the business as a "debtor in possession" while it restructures.
Key mechanics that mattered in this case:
- Automatic stay: Filing generally suspends collection actions and foreclosures on prepetition claims, subject to exceptions.
- Creditors' committee: The U.S. Trustee appoints a committee to negotiate for unsecured creditors.
- Proofs of claim and bar dates: Creditors file claims by court-set deadlines.
- Disclosure statement and confirmation: Affected creditors vote, then the court holds a confirmation hearing.
Those mechanics affect each stakeholder class differently. Secured lenders hold liens on collateral. Unsecured creditors, trade suppliers, employees, and litigation claimants sit in separate positions, and the confirmed plan sets how each class is treated.
A filing does not decide whether allegations are true. Chapter 11 does not guarantee payment to every claimant either. Exact effects on lawsuits and claim deadlines depend on the court's orders and the confirmed plan.
Why Did Revlon File for Chapter 11?
Revlon, Inc. filed on June 15, 2022 in the U.S. Bankruptcy Court for the Southern District of New York, Case No. 22-10760. Fifty affiliates filed June 15-16, including Revlon Consumer Products Corporation and Elizabeth Arden entities.
The financial picture
At March 31, 2022, Revlon's 10-Q reported:
- $3,422.7 million in total debt
- $132.1 million in liquidity: $70.0 million in unrestricted cash plus $65.1 million of available borrowing, less about $3.0 million in outstanding checks
Those figures are a pre-filing snapshot, not current balances.
Stated pressures
The company cited rising global inflation, supply-chain problems, and an inability to fill almost one-third of customer demand on time. It also cited a liquidity shortfall and failed attempts to secure out-of-court financing. The filing itself was an event of default that accelerated its debt.
A debt load this heavy squeezes a consumer-products business. Interest eats cash that would otherwise buy inventory, fund marketing, or develop products. When suppliers tighten credit at the same time, shelves go empty and sales slip further.
Lender disputes
The 2020 Term B-1 and B-2 loans and BrandCo claims were part of the capital structure and shaped the plan's classes. The separate Citibank mistaken-payment litigation is not identified in the filings as a cause of the bankruptcy and is distinct from those capital-structure disputes.
Revlon's Chapter 11 Timeline and Restructuring Process
| Date | Event |
|---|---|
| June 15-16, 2022 | Revlon, Inc. and 50 affiliates file in SDNY |
| June 17, 2022 | DIP agreements signed; $375 million term loan drawn, with a further $200 million drawn Aug. 3 |
| June 24, 2022 | U.S. Trustee appoints the official creditors' committee |
| Oct. 24, 2022 | General bar date |
| Dec. 19-23, 2022 | Restructuring support agreement signed; plan and disclosure statement filed |
| Feb. 6, 2023 | Disclosure Statement Order entered |
| Mar. 31-Apr. 3, 2023 | Third amended plan filed; confirmation order entered |
| Apr. 11, 2023 | Hair-straightening claims bar date |
| May 2, 2023 | Plan becomes effective |
Stakeholders and advisors
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as debtors' counsel. The committee retained Brown Rudnick LLP (counsel), Province LLC (financial advisor), and Houlihan Lokey (investment banker). Jefferies Finance LLC acted as DIP term-loan agent. The committee's initial members included U.S. Bank Trust Co., the PBGC, and Quotient Technology.
What the plan did
The plan contemplated:
- A $2.7 billion reduction in pro forma debt
- About $1.8 billion in exit financing
- An equity rights offering of up to $650 million
- A minimum effective-date cash balance of $75 million
Those are stated plan terms and expectations. The agreement among the debtors, consenting BrandCo lenders, and the committee cleared the path to confirmation.
Claims process
Claims agent Kroll lists the general bar date and a separate hair-straightening bar date. It identifies no separate talc-specific bar date. Verify exact deadlines and notice requirements in the entered orders.
Timeline note: The main case is No. 22-10760. The later talc dispute sits under the separate caption RML LLC, No. 22-10784, followed by an appeal. Keep the two dockets separate.
Who Was Affected by the Bankruptcy?
Treatment varied by class under the confirmed plan:
| Class | Stated treatment |
|---|---|
| Other Secured, Other Priority, FILO ABL | Unimpaired |
| OpCo Term Loans, 2020 Term B-1 and B-2 | Class-specific cash, take-back debt, or new stock |
| BrandCo Third Lien Guaranty | No recovery |
| Unsecured Notes | Warrants if conditions met; otherwise none |
| Talc personal-injury claims | PI Settlement Fund distributions, subject to conditions |
| Hair-straightening claims | Hair Straightening Settlement |
| Trade claims | Trade Settlement Distribution, subject to conditions |
| Other general unsecured | GUC Trust |
| Old equity | No recovery; shares canceled |
Suppliers and credit teams
By December 2022, the debtors reported commercial agreements with roughly 450 suppliers. Average trade credit rose from 15 days at filing to about 55 days. The filings do not show that all prepetition vendor claims were paid under a critical-vendor order.
Credit teams should review notices, confirm claim deadlines, check payment status, and read the court-approved operating arrangements.
Consumers and claimants
News coverage is no substitute for the orders. Anyone with a potential product-liability claim should read the applicable court orders and claim forms and get qualified legal guidance.
A Revlon product on the shelf says nothing about whether any creditor or claimant was paid in full.
What Happened After Revlon Emerged From Bankruptcy?
Revlon emerged on May 2, 2023 as a privately held company, Revlon Group Holdings LLC. Per the company release, former lenders held majority equity, and liquidity was about $236 million. That is an emergence snapshot, not proof of current ownership.
Operational reality
Emergence moves a case toward closing, but unresolved claims, appeals, and related litigation can continue. Revlon, Inc.'s SEC registration shows as revoked, and a 2024 Form D for the new LLC does not by itself establish current reporting status.
Talc litigation
In RML LLC, the bankruptcy court's Aug. 12, 2024 opinion granted the debtors' motion to enforce the plan's discharge and injunction against talc claimants. It found notice sufficient for the unknown creditors at issue. That was an injunction and notice ruling, not a product-liability merits judgment.
On Sept. 23, 2024, the court certified a direct appeal to the Second Circuit. A public docket mirror lists No. 25-263 with no final disposition readily available on that listing.
Hair relaxer litigation
The Northern District of Illinois MDL 3060 is the official source for centralized hair-relaxer cases. A docket mirror lists a 2026 Revlon-named action, Ward v. Revlon, Inc., but a docket listing is not a ruling and establishes no liability.
Current as of October 20, 2026. Ownership, board membership, subsidiaries, and product availability can change after restructuring, so confirm them before relying on this article.
How to Research the Revlon Bankruptcy Case
Start with primary sources:
- Kroll case portal for the debtor roster, claim forms, and bar dates
- PACER for the official docket
- SEC EDGAR for filings and exhibits
- U.S. Courts for procedure and the official proof of claim form
- Court-specific pages for MDL 3060 and the SDNY talc opinions
When reports conflict, check the date, legal entity, court, and proceeding number. Then identify whether the source describes a proposed order, entered order, allegation, settlement, or final ruling.
BankruptcyData is a useful complement for professionals who need unified visibility into filings, court activity, stakeholders, restructuring timelines, and outcomes. Its subscription platform covers filings, dockets, alerts, and historical benchmarking, with enterprise data licensing and API feeds spanning 45+ years and 600k+ U.S. records.
It supports law firms, distressed investors, advisors, credit teams, data users, and academic researchers. It does not replace the primary legal documents.
Frequently Asked Questions
Who currently owns Revlon?
At emergence on May 2, 2023, former lenders held majority equity in Revlon Group Holdings LLC. A current primary ownership disclosure is not readily available as of October 20, 2026.
What are Revlon's subsidiaries?
A current post-emergence subsidiary list is not readily available. The debtor roster in the Kroll portal covers the bankruptcy case, and the 2021 filings are prepetition and historical.
Who are the members of Revlon's board of directors?
Per Revlon's official leadership page, accessed October 20, 2026: Martin Brok, Timothy McLevish, Hans Melotte, Paul Pressler, and Michelle Peluso. Elizabeth Smith is Executive Chair.
How much does the CEO of Revlon make?
No primary filing lists a verified CEO compensation figure. Michelle Peluso was named CEO in 2024. With SEC registration revoked, compensation may not be publicly disclosed.
Can you still buy Revlon?
Yes. Revlon's official locator lists retailers including CVS, Target, Ulta, Walgreens, and Walmart. Inventory varies by store, and continued sales don't mean every related claim has ended.
