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Search resuls for: "Brigade Capital"


2 mentions found


☆ Citigroup, funds in talks to end lawsuit over errant $500 mln Revlon payment
  + stars: | 2022-11-10 | by ( Jonathan Stempel | Industry Insight | Forum | ) www.reuters.com   time to read: +2 min
NEW YORK, Nov 10 (Reuters) - Citigroup Inc (C.N) is in talks to end litigation against hedge funds and investment firms that it mistakenly paid about $500 million on a loan owed by Revlon Inc (REVRQ.PK), billionaire Ronald Perelman's now-bankrupt cosmetics company. Both sides had been expected to apprise U.S. District Judge Jesse Furman in Manhattan on their next steps in the case by Nov. 10. Others refused, saying Citigroup paid what they were owed and noting that Perelman had bailed out Revlon before. Circuit Court of Appeals in Manhattan said it would improperly leave them with a "huge windfall" and returned the case to Furman. The case is In re Citibank August 11, 2020 Wire Transfers, U.S. District Court, Southern District of New York, No.
☆ Revlon creditors challenge 2020 loan transactions
  + stars: | 2022-11-01 | by ( Dietrich Knauth | ) www.reuters.com   time to read: +2 min
If successful, their challenge could eliminate the Brandco lenders' right to claim Revlon's brands as their exclusive collateral, reducing the Brandco lenders' leverage in the bankruptcy. Both lender groups participated in a $2 billion loan that Revlon used to purchase Elizabeth Arden in 2016. Revlon and an attorney for the Brandco lenders did not immediately respond to a request for comment. When Revlon filed for bankruptcy in June, the Brandco lenders held about $1.88 billion of Revlon's $3.5 billion debt. Those transactions allowed Revlon to borrow an additional $880 million in 2020 from the Brandco lenders, according to the complaint.
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