Revlon Lenders Sue Over ‘Theft’ of $1.8 Billion Loan Collateral


Revlon Inc. faces a lawsuit alleging the cosmetics company siphoned off valuable intellectual property that had been pledged to investors, depriving them of the collateral they bargained for.

The lawsuit, filed Wednesday by loan agent UMB Bank NA in New York federal court, accused Revlon of wrongfully shifting the American Crew, Elizabeth Arden, Almay and other brands out of the reach of investors that had lent the company $1.8 billion in 2016.

Source link