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80-580: On June 16, 2022, Revlon filed for Chapter 11 bankruptcy . It was emerged from bankruptcy on May 2, 2023. Revlon was founded in New York City on March 1, 1932, in the midst of the Great Depression , by Jewish American brothers Charles Revson and Joseph Revson along with a chemist, Charles Lachman, who contributed the "L" in the Revlon name. The three men started with one single product,

160-540: A long line of spokesmodels for the company. American actress Jessica Biel modelled for the brand, first shown in advertisements in January 2010. In 2008, celebrity makeup artist Gucci Westman was hired as Revlon's Global Artistic Director, representing the company at runway shows and brand events and designing collections. In 2017, Gwen Stefani became the global ambassador of the cosmetic brand. In 2020, Korean-American singer, actress and fashion designer Jessica Jung

240-403: A valuation of the reorganized business. Bankruptcy valuation is often highly contentious because it is both subjective and important to case outcomes. The methods of valuation used in bankruptcy have changed over time, generally tracking methods used in investment banking, Delaware corporate law, and corporate and academic finance, but with a significant time lag. Chapter 11 retains many of

320-521: A "protracted legal fight". In October of the same year, the bank was fined $ 400 million by the US bank regulators as a result of their risk in control systems and was ordered to update their technology. On September 28, 2021, the UK's Infected Blood Inquiry heard evidence about Armour's use of hemophilia treatment products during the 1970s and 80s, which caused Hepatitis C and HIV infections, including its period under

400-534: A filing with the U.S. Bankruptcy Court for the Southern District of New York, Revlon listed assets and liabilities between $ 1 billion and $ 10 billion. Revlon which had been managed by Perelman's daughter Debra Perelman since mid-2018, had long-term debt of $ 3.31 billion as of March 31, 2022. The company narrowly avoided bankruptcy in 2020 after restructuring its debt. It was one of the last remaining holdings of Ronald Perelman. Bloomberg News reported that

480-402: A lender settlement that would allow the company to exit from bankruptcy by April. Until the 1940s Revlon's magazine ads were drawn by hand and mostly in black and white. In 1945, Revlon began launching full-color photographic advertisements in major magazines and stores across the country. Revlon introduced matching nail polish and lipsticks with exotic and unique names. These ads were taken by

560-458: A line of wig maintenance products called Wig Wonder. In 1970, Revlon acquired the Mitchum line of deodorants. In 1971, Flex shampoo and conditioner were introduced. In 1973, Revlon introduced Charlie perfume. It was aimed at people under 30 and promoted by model Shelley Hack who was wearing trousers in the advertisements. Shelley Hack appeared on Oprah in 2007 to talk about the power of

640-473: A motion to convert to chapter 7 or appoint a trustee if either of these actions is in the best interest of all creditors. Sometimes a company will liquidate under chapter 11 (perhaps in a 363 sale), in which the pre-existing management may be able to help get a higher price for divisions or other assets than a chapter 7 liquidation would be likely to achieve. Section 362(d) of the Bankruptcy Code allows

720-427: A new type of nail enamel and pooled their resources to develop a unique manufacturing process. Using pigments instead of dyes , Revlon developed a variety of new shades of nail enamel. In 1937, Revlon started selling the polishes in department stores and pharmacies . In six short years, the company became a multimillion-dollar organization. By 1940, Revlon offered an entire manicure line and added lipstick to

800-415: A number of mechanisms to restructure its business. A debtor in possession can acquire financing and loans on favorable terms by giving new lenders first priority on the business's earnings. The court may also permit the debtor in possession to reject and cancel contracts. Debtors are also protected from other litigation against the business through the imposition of an automatic stay . While the automatic stay

880-410: A plan during the period of exclusivity. This period allows the debtor 120 days from the date of filing for chapter 11 to propose a plan of reorganization before any other party in interest may propose a plan. If the debtor proposes a plan within the 120-day exclusivity period, a 180-day exclusivity period from the date of filing for chapter 11 is granted in order to allow the debtor to gain confirmation of

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960-479: A price war against competitors — all with the bankruptcy court's approval. Studies on the impact of forestalling the creditors' rights to enforce their security reach different conclusions. Chapter 11 cases dropped by 60% from 1991 to 2003. One 2007 study found this was because businesses were turning to bankruptcy-like proceedings under state law, rather than the federal bankruptcy proceedings, including those under chapter 11. Insolvency proceedings under state law,

1040-442: A reorganization; a conversion into chapter 7 liquidation, or it is dismissed. In order for a chapter 11 debtor to reorganize, they must file (and the court must confirm) a plan of reorganization. Simply put, the plan is a compromise between the major stakeholders in the case, including, but not limited to the debtor and its creditors. Most chapter 11 cases aim to confirm a plan, but that may not always be possible. Section 1121(b) of

1120-408: A share. Initially rejected, he repeatedly raised his offer until it reached $ 53 a share while fighting Revlon's management every step of the way. Forstmann Little & Company swooped in at $ 56 a share, a brief public bidding war ensued, and Perelman triumphed with an offer of $ 58 a share. Perelman paid $ 1.8 billion to Revlon's shareholders, but he also paid $ 900 million of other costs associated with

1200-399: A subsidiary of Ronald Perelman 's MacAndrews & Forbes . The buyout—engineered with the help of junk bond king Michael P. Milken —saddled Revlon with a huge $ 2.9 billion debt load, which became an albatross around the company's neck for years to come. Pantry Pride Inc. offered to buy any or all of Revlon's 38.2 million outstanding shares for $ 47.5 a share when its street price stood at $ 45

1280-399: A tight, silver-beaded dress with an enormous red wrap. Her black hair had a silver swirl in it and she had her hands, with long red nails, positioned in front of her breasts. Charles Revson rejected Avedon's original ad as "too sexual." They re-shot the ad, this time with her open hand in front of one hip, the other in front of her cheek. The advertisement became Madison Avenue legend because of

1360-505: A wild white horse in the ocean. Avedon would then tell Revson that it was not Suzy in the ad, but a model named "Bubbles" or another made-up name. In 1970, Revlon became the first American cosmetics company to feature an African American model, icon Naomi Sims , in their advertising. In the late 1970s, Revlon also made history when it created their line of cosmetics, specifically for women of color, called "The Polished Ambers Collection" and selected fashion model icon Iman to be featured in

1440-591: Is a run and walk event held in New York and Los Angeles to raise money and awareness for breast and ovarian cancer , which has raised and distributed more than $ 70 million to women's cancer research and support programs since its inception. Revlon also supports other cancer charities such as Look Good Feel Better and the National Breast Cancer Coalition and operates a mobile mammography clinic in and around Oxford, North Carolina, where

1520-417: Is in place, creditors are stayed from any collection attempts or activities against the debtor in possession, and most litigation against the debtor is stayed, or put on hold, until it can be resolved in bankruptcy court, or resumed in its original venue. An example of proceedings that are not necessarily stayed automatically are family law proceedings against a spouse or parent. Further, creditors may file with

1600-408: Is severable. The trustee or debtor-in-possession normally assumes a contract or lease if it is needed to operate the reorganized business or if it can be assigned or sold at a profit. The trustee or debtor-in-possession normally rejects a contract or lease to transform damage claims arising from the nonperformance of those obligations into a prepetition claim. In some situations, rejection can also limit

1680-444: Is treated as a contested matter under Bankruptcy Rule 9014. A party seeking relief from the automatic stay must also pay the filing fee required by 28 U.S.C.A. § 1930(b). In the new millennium, airlines have fallen under intense scrutiny for what many see as abusing Chapter 11 bankruptcy as a tool for escaping labor contracts, usually 30–35% of an airline's operating cost. Every major US airline has filed for Chapter 11 since 2002. In

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1760-474: The automatic stay of § 362. The automatic stay requires all creditors to cease collection attempts, and makes many post-petition debt collection efforts void or voidable. Under some circumstances, some creditors, or the United States Trustee , can request the court convert the case into a liquidation under chapter 7, or appoint a trustee to manage the debtor's business. The court will grant

1840-425: The 10-Q filed on November 11, 2001. The company announced that the annual financials were under review at the time of filing for Chapter 11. Michel Bergerac Michel Christian Bergerac (13 February 1932 – 11 September 2016) was a French businessman who was president of cosmetics company Revlon in succession to Charles Revson . His older brother was actor and businessman Jacques Bergerac . Bergerac

1920-526: The 1950s. Suzy and Charles Revson , who wanted to marry Dorian at some point, despised each other. At one point, he refused to hire Suzy anymore because she complained about the "peanut" paycheck she received from Revlon. Richard Avedon , however, after photographing other models for a particular Revlon ad, would call in Suzy at the last minute, sometimes late at night, to do re-takes with him. This happened with "Stormy Pink," an ad Suzy shot very late at night with

2000-405: The Bankruptcy Code provides for an exclusivity period in which only the debtor may file a plan of reorganization. This period lasts 120 days after the date of the order for relief, and if the debtor does file a plan within the first 120 days, the exclusivity period is extended to 180 days after the order for relief for the debtor to seek acceptance of the plan by holders of claims and interests. If

2080-490: The Bankruptcy Code), so, only a debtor can file a plan of reorganization . The SBRA requires the U.S. Trustee appoint a "subchapter V trustee" to every Subchapter V case to supervise and control estate funds, and facilitate the development of a consensual plan. It also eliminates automatic appointment of an official committee of unsecured creditors and abolishes quarterly fees usually paid to the U.S. Trustee throughout

2160-459: The Charlie advertisements. After the introduction of Charlie, Revlon's net sales figures were $ 506 million in 1973 and $ 606 million the following year. Jontue perfume also sold well. Revlon also owns the perfume brand Jean Nate. In 1973, model Lauren Hutton signed an exclusive modeling contract, agreeing to pose for Revlon's Ultima line for $ 400,000 for two years, and was portrayed on

2240-596: The National Health Laboratories division which became a publicly owned corporation in 1988. Additional make-up lines were purchased for Revlon: Max Factor in 1987 and Betrix in 1989, later sold to Procter & Gamble in 1991. Also in 1991, Revlon sold the Clean & Clear brand to Johnson & Johnson . In 2011, PETA removed Revlon and other high-profile cosmetic brands from its list of companies who do not test their products on animals after

2320-643: The United States Bankruptcy Code ( Title 11 of the United States Code ) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy , is available to every business , whether organized as a corporation , partnership or sole proprietorship , and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs

2400-433: The advantages of a traditional Chapter 11 case without the unnecessary procedural burdens and costs. It seeks to increase the debtor's ability to negotiate a successful reorganization and retain control of the business and increase oversight and ensure a quick reorganization. A Subchapter V case contrasts from a traditional Chapter 11 in several key aspects: it is earmarked only for the "small business debtor" (as defined by

2480-653: The advertising campaigns. Revlon was also noted for featuring models of a wide age range in the 1980s, including 13-year-old Milla Jovovich and 60-year-old Audrey Hepburn . Despite the successful campaigns of the 1980s and 1990s featuring models, in particular Cindy Crawford , Revlon decided to drop fashion models and focus on movie stars, among them Kate Bosworth , Jaime King , Halle Berry , Susan Sarandon , Melanie Griffith , Julianne Moore , Eva Mendes , Jessica Alba , Jennifer Connelly , Beau Garrett , Jessica Biel , Olivia Wilde , Emma Stone and Bond girls . In 2009, Australian supermodel Elle Macpherson became one of

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2560-577: The automatic stay provisions of the Bankruptcy Code. In August 2019, the Small Business Reorganization Act of 2019 ("SBRA") added Subchapter V to Chapter 11 of the Bankruptcy Code. Subchapter V, which took effect in February 2020, is reserved exclusively for the small business debtor with the purpose of expediting bankruptcy procedure and economically resolving small business bankruptcy cases. Subchapter V retains many of

2640-441: The best interests of the creditors and the estate, the case may be dismissed resulting in a return to the status quo before bankruptcy. If the case is dismissed, creditors will look to non-bankruptcy law in order to satisfy their claims. In order to proceed to the confirmation hearing, a disclosure statement must be approved by the bankruptcy court. Once the disclosure statement is approved, the plan proponent will solicit votes from

2720-433: The business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the owners of the company. In Chapter 11, in most instances the debtor remains in control of its business operations as a debtor in possession , and is subject to the oversight and jurisdiction of the court. A Chapter 11 bankruptcy will result in one of three outcomes for

2800-512: The case. Most notably, Subchapter V allows the small business owner to retain their equity in the business so long as the reorganization plan does not discriminate unfairly and is fair and equitable with respect to each class of claims or interests. The reorganization and court process may take an inordinate amount of time, limiting the chances of a successful outcome and sufficient debtor-in-possession financing may be unavailable during an economic recession. A preplanned, pre-agreed approach between

2880-471: The classes of creditors. Solicitation is the process by which creditors vote on the proposed confirmation plan. This process can be complicated if creditors fail or refuse to vote. In which case, the plan proponent might tailor his or her efforts in obtaining votes, or the plan itself. The plan may be modified before confirmation, so long as the modified plan meets all the requirements of Chapter 11. A chapter 11 case typically results in one of three outcomes:

2960-751: The collection. During World War II , Revlon created makeup and related products for the United States Army , which was honored in 1944 with the Army-Navy "E" Award for Excellence. By the end of World War II, Revlon was the number two cosmetics producer in the United States. Expanding its capabilities, the company bought Graef & Schmidt , a cutlery manufacturer seized by the government in 1943 because of German business ties. This acquisition made it possible for Revlon to produce its own manicure and pedicure instruments instead of buying them from outside supply sources. On February 28, 1996, Revlon

3040-516: The company announced the appointment of Debra Perelman, the daughter of Ronald Perelman, to the position of chief executive officer. She will be the first ever female CEO of the company after serving as COO starting in January 2018 and serving on the board since 2015. In January 2019, Seeking Alpha published an article regarding trading anomalies on the Revlon stock (REV); it is under investigation. In August 2020, American bank Citi wrongly wired $ 900 million to creditors of Revlon. The wire sparked

3120-419: The company's bankruptcy process could be "complicated by financial controversies." MarketWatch quoted industry analysts and commentators as saying that bankruptcy would allow the firm a chance to refresh and regroup as it attempts to compete with newer brands, like Kylie Cosmetics or Fenty . CNBC reported that Revlon's bankruptcy might be the start of broader bankruptcy problems for the retail sector. It

3200-459: The company's primary manufacturing operations are located. In 1996, Revlon supported the development of a breast center at the University of California, Los Angeles . Renamed Revlon/UCLA Breast Center , the center is a well-known institute for treatment and research of breast cancer and other breast diseases and disorders. A Revlon lip gloss shade whose proceeds support Revlon's cancer charities

3280-482: The control of Revlon Healthcare. In October 2024, it was announced Michelle Peluso , formerly of CVS Health, Gilt Groupe, and Travelocity would be joing as CEO of the company. On June 16, 2022, Revlon filed for Chapter 11 bankruptcy protection after struggling with debt, rising competition, supply chain challenges, and falling behind evolving beauty standards. A few hours after the bankruptcy announcement, Revlon's shares lost more than 13% of their value. According to

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3360-442: The cost of litigating the chapter 11 case) are paid first. Secured creditors —creditors who have a security interest , or collateral , in the debtor's property—will be paid before unsecured creditors. Unsecured creditors' claims are prioritized by § 507. For instance the claims of suppliers of products or employees of a company may be paid before other unsecured creditors are paid. Each priority level must be paid in full before

3440-408: The court must determine whether the plan is "feasible, " in other words, the court must safeguard that confirming the plan will not yield to liquidation down the road. The plan must ensure that the debtor will be able to pay most administrative and priority claims (priority claims over unsecured claims ) on the effective date. Like other forms of bankruptcy, petitions filed under chapter 11 invoke

3520-442: The court seeking relief from the automatic stay. If the business is insolvent , its debts exceed its assets and the business is unable to pay debts as they come due, the bankruptcy restructuring may result in the company's owners being left with nothing; instead, the owners' rights and interests are ended and the company's creditors are left with ownership of the newly reorganized company. All creditors are entitled to be heard by

3600-409: The court to terminate, annul, or modify the continuation of the automatic stay as may be necessary or appropriate to balance the competing interests of the debtor, its estate, creditors, and other parties in interest and grants the bankruptcy court considerable flexibility to tailor relief to the exigencies of the circumstances. Relief from the automatic stay is generally sought by motion and, if opposed,

3680-436: The court. The court is ultimately responsible for determining whether the proposed plan of reorganization complies with bankruptcy laws. One controversy that has broken out in bankruptcy courts concerns the proper amount of disclosure that the court and other parties are entitled to receive from the members of the creditor's committees that play a large role in many proceedings. Chapter 11 usually results in reorganization of

3760-447: The cover of Newsweek . Richard Avedon was signed on as the exclusive photographer for the brand. In 1975, Charles Revson died. Michel Bergerac , whom Revson had hired as President of the company, continued to expand the company holdings. Revlon acquired Coburn Optical Industries, an Oklahoma-based ophthalmic and optical processing equipment and supplies manufacturer. Barnes-Hind, the largest U.S. marketer of hard contact lens solutions,

3840-406: The creditors' objection, the plan must not discriminate against that class of creditors, and the plan must be found fair and equitable to that class. Upon confirmation, the plan becomes binding and identifies the treatment of debts and operations of the business for the duration of the plan. If a plan cannot be confirmed, the court may either convert the case to a liquidation under chapter 7, or, if in

3920-427: The damages that a contract counterparty can claim against the debtor. Chapter 11 follows the same priority scheme as other bankruptcy chapters. The priority structure is defined primarily by § 507 of the Bankruptcy Code ( 11 U.S.C.   § 507 ). As a general rule, administrative expenses (the actual, necessary expenses of preserving the bankruptcy estate, including expenses such as employee wages, and

4000-602: The debtor and its creditors (sometimes called a pre-packaged bankruptcy ) may facilitate the desired result. A company undergoing Chapter 11 reorganization is effectively operating under the "protection" of the court until it emerges. An example is the airline industry in the United States; in 2006 over half the industry's seating capacity was on airlines that were in Chapter 11. These airlines were able to stop making debt payments, break their previously agreed upon labor union contracts, freeing up cash to expand routes or weather

4080-413: The debtor's business or personal assets and debts, but can also be used as a mechanism for liquidation. Debtors may "emerge" from a chapter 11 bankruptcy within a few months or within several years, depending on the size and complexity of the bankruptcy. The Bankruptcy Code accomplishes this objective through the use of a bankruptcy plan. The debtor in possession typically has the first opportunity to propose

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4160-410: The debtor: reorganization, conversion to Chapter 7 bankruptcy, or dismissal. In order for a Chapter 11 debtor to reorganize, the debtor must file (and the court must confirm) a plan of reorganization. In effect, the plan is a compromise between the major stakeholders in the case, including the debtor and its creditors. Most Chapter 11 cases aim to confirm a plan, but that may not always be possible. If

4240-452: The drugstore also declined as Revlon lost shares to Noxell's Cover Girl brand. Revlon compensated with more acquisitions; Max Factor , Ellen Betrix, Charles of the Ritz , Germaine Monteil , Almay , Fermodyl, Lancaster, Aziza, and Halston . The 1977 acquisition of Carlos Colomer , a Spanish professional beauty supply distributor, brought Fermodyl and Roux and helped introduce Revlon to

4320-599: The end of the 1950s. By 1962, when Revlon debuted in Japan, there were subsidiaries in France, Italy, Argentina, Mexico, and Asia. In Japan Revlon used its basic U.S. advertising and models instead of adapting its advertisements and using Japanese models. Sales for 1962 came to $ 164 million. In 1968, Revlon introduced Eterna27, the first cosmetic cream with an estrogen precursor called Progenitin (pregnenolone acetate). Later Revlon launched Braggi Pub, Bill Blass for men, and

4400-423: The features present in all, or most, bankruptcy proceedings in the United States. It provides additional tools for debtors as well. Most importantly, 11 U.S.C.   § 1108 empowers the trustee to operate the debtor's business. In Chapter 11, unless a separate trustee is appointed for cause, the debtor, as debtor in possession, acts as trustee of the business. Chapter 11 affords the debtor in possession

4480-464: The full-page quiz next to the sensual ad. Almost 50 years later, in November 2010, Revlon re-created 1953's "Fire and Ice" magazine ad with actress Jessica Biel , and announced that they were issuing a limited-edition Fire and Ice lipstick and nail color, calling this campaign, "lips and tips." Dorian Leigh's 15-years-younger red-headed sister, Suzy Parker , also shot numerous Revlon magazine ads in

4560-434: The judge approves the reorganization plan and the creditors all "agree", then the plan can be confirmed. §1129 of the Bankruptcy Code requires the bankruptcy court reach certain conclusions prior to "confirming" or "approving" the plan and making it binding on all parties in the case. Most importantly, the bankruptcy court must find the plan (a) complies with applicable law, and (b) has been proposed in good faith. Furthermore,

4640-407: The judge approves the reorganization plan and the creditors all agree, then the plan can be confirmed. Section 1129 of the Bankruptcy Code requires the bankruptcy court reach certain conclusions prior to confirming or approving the plan and making it binding on all parties in the case, most notably that the plan complies with applicable law and was proposed in good faith. The court must also find that

4720-514: The maker of toilet cleansers, and a 27 percent interest in the Schick electric shaver company, were soon discarded. Evan Picone, a women's sportswear manufacturer with a price tag of $ 12 million in 1962, was sold back to one of the original partners four years later for $ 1 million. However, the 1967 acquisition of the U.S. Vitamin and Pharmaceutical Corporation made Revlon a leader in diabetes drugs. The company began to market its products overseas at

4800-448: The mid-1980s, Revlon lost ground to Estée Lauder , and Armour Pharmaceutical's haemophilia product "Factorate" infected many people worldwide with HIV and hepatitis C . Estee Lauder spent millions of dollars on numerous magazine ads featuring Czech supermodel Paulina Porizkova , shot by famed Chicago fashion photographer Victor Skrebneski . Revlon's share dropped from 20 percent to 10 percent of department store cosmetics sales. Sales at

4880-404: The next lower priority level may receive payment. Section 1110 ( 11 U.S.C.   § 1110 ) generally provides a secured party with an interest in an aircraft the ability to take possession of the equipment within 60 days after a bankruptcy filing unless the airline cures all defaults. More specifically, the right of the lender to take possession of the secured equipment is not hampered by

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4960-850: The organization learned they were paying Chinese laboratories to test their cosmetics on rabbits and other animals. In August 2013, Revlon Consumer Products Corp. bought the Colomer Group from CVC Capital Partners , a private equity firm, for $ 660 million. After suffering business loss in 2011 and 2012, at the end of 2013, Revlon announced that it will exit the Chinese market, which employs 1,100 people. The business in China accounted for just 2 percent portion of net sales of Revlon's international operations. On November 1, 2013, Revlon named Lorenzo Delpani as president and CEO. In March 2014, Revlon announced leaving midtown and relocate headquarters to

5040-531: The organization. In September 2015, Revlon donated $ 1 million through its LOVE IS ON million-dollar challenge dedicated to women's cancer, heart disease, and diabetes. In 2016, hosted its second LOVE IS ON million-dollar challenge to raise for women's health-related causes. In 2018, the company launched an Employee Volunteer Program (EVP) which was created to provide each full time U.S. employee with eight hours of time to engage in community service. Chapter 11, Title 11, United States Code Chapter 11 of

5120-402: The process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. When a business is unable to service its debt or pay its creditors , the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7,

5200-421: The proposed plan. With some exceptions, the plan may be proposed by any party in interest. Interested creditors then vote for a plan. If the judge approves the reorganization plan and the creditors all agree, then the plan can be confirmed. If at least one class of creditors objects and votes against the plan, it may nonetheless be confirmed if the requirements of cramdown are met. In order to be confirmed over

5280-502: The purchase. Perelman filed suit in the Delaware Court of Chancery to force Revlon to accept Perelman's offer, and the resulting appellate decision, Revlon v. MacAndrews & Forbes Holdings , was a landmark case in determining the obligations of public company directors in hostile takeover situations under Delaware law. Perelman had Revlon sell four divisions: two for $ 1 billion, the vision care division for $ 574 million, and

5360-545: The reorganization plan is feasible in that, unless the plan provides otherwise, the plan is not likely to be followed by further reorganization or liquidation. In a Chapter 11 bankruptcy, the debtor corporation is typically recapitalized so that it emerges from bankruptcy with more equity and less debt, a process through which some of the debtor corporation's debts may be discharged. Determinations as to which debts are discharged, and how equity and other entitlements are distributed to various groups of investors, are often based on

5440-585: The space of 2 years (2002–2004) US Airways filed for bankruptcy twice leaving the AFL–CIO , pilot unions and other airline employees claiming the rules of Chapter 11 have helped turn the United States into a corporatocracy . The trustee or debtor-in-possession is given the right, under § 365 of the Bankruptcy Code, subject to court approval, to assume or reject executory contracts and unexpired leases. The trustee or debtor-in-possession must assume or reject an executory contract in its entirety, unless some portion of it

5520-491: The study stated, are currently faster, less expensive, and more private, with some states not even requiring court filings. However, a 2005 study claimed the drop may have been due to an increase in the incorrect classification of many bankruptcies as "consumer cases" rather than "business cases". Cases involving more than US$ 50 million in assets are almost always handled in federal bankruptcy court, and not in bankruptcy-like state proceeding. The largest bankruptcy in history

5600-514: The top fashion photographers of the day including Richard Avedon , Cecil Beaton , and John Rawlings . Some of these ads were for "Paint the Town Pink" and 1945's "Fatal Apple" with Dorian Leigh . In 1947 Revlon introduced "Bachelor's Carnation" and in 1948, "Sweet Talk". In 1950, Revlon introduced a red lipstick and nail enamel called "Where's the Fire?", and later used "Fire and Ice" ads. One of

5680-493: The top two floors of One New York Plaza . On September 22, 2014, Revlon's board of directors elected Roberto Simon as executive vice president and chief financial officer, effective as of Sept. 30. On April 30, 2015, Revlon completed the acquisition of U.K. based fragrance management company CBBeauty including its U.K. distributor SAS & Company. On June 16, 2016, Revlon announced its intention to purchase its competitor Elizabeth Arden, Inc. for $ 870 million. The acquisition

5760-437: The world of ethnic care: Creme of Nature , Realistic , Lovely Color and Milk and Honey . In 1983 the company attempted an unsuccessful hostile takeover of Gillette . In 1989, Revlon became one of the first companies to replace animal tests with alternative safety testing methods. On November 5, 1985, at a price of $ 58 per share, totaling $ 2.7 billion, Revlon was sold to Pantry Pride (later renamed to Revlon Group, Inc.),

5840-500: The world's first supermodels, Dorian Leigh , starred in some of Revlon's most memorable advertisements of all time. In 1946, Dorian was covered in purple flowers and wrapped in a pale purple sheet for "Ultra Violet." In 1947, Dorian appeared in "Fashion Plate." In 1953, at the age of 36, she appeared in "Cherries in the Snow." Later that year she appeared in the legendary "Fire and Ice" ad shot by Richard Avedon. Originally, Dorian appeared in

5920-584: Was also created in 2009. In September 2010, Revlon, with global artistic director Gucci Westman and spokesmodel Halle Berry hosted an event at Fashion's Night Out in New York City to raise funds for the Jenesse Center, a Los Angeles organization for domestic violence victims. Revlon also hosted luncheons and various other events to benefit the center and partnered with then-online retailer drugstore.com to donate portions of lipstick sales to

6000-563: Was announced as the new global ambassador for the company. In 2023, the digital artist Nailea Devora became the new Revlon Global Brand Ambassador. In January 2024, Madelyn Cline became Revlon's Global Brand Ambassador. Revlon is a corporate sponsor of several charity projects. The largest of these is the Revlon Run Walk , founded in 1994, in partnership with the Entertainment Industry Foundation . It

6080-497: Was bought in 1976 and strengthened Revlon's share of the eye-care market. Revlon purchased Armour Pharmaceutical Company , a division of Armour and Company , from The Greyhound Corporation in 1977. Other acquisitions included the Lewis-Howe Company, makers of Tums antacid in 1978. These health-care operations helped sales figures surpass the $ 1 billion mark in 1977, bringing total sales to $ 1.7 billion in 1979. In

6160-460: Was completed on September 7, 2016. Revlon also acquired Cutex from Coty Inc. in 2016. The company announced on January 29, 2017, that CEO Fabian Garcia would leave the company at the end of February. Board member, Paul Meister, would become executive vice chairman of the board and run the day-to-day operations. A quarterly report from the end of 2017 estimated its quarterly loss falling approximately between $ 60 million and $ 80 million. In May 2018,

6240-461: Was delisted from the NYSE on October 21, 2022. In December 2022, Revlon announced plans to raise $ 650 million in equity and transferring majority of the ownership to senior leaders. The company also announced plans to wipe out the interests of Ronald Perelman by striking an agreement with creditors to give lenders and bondholders ownership of the bankrupt cosmetics maker. In February 2023, Revlon reached

6320-544: Was listed on the New York Stock Exchange as a public limited company. The IPO price was $ 24 per share. In the 1960s, Revson segmented Revlon Inc. into different divisions, each focusing on a different market. He borrowed this strategy from General Motors . Each division had its own target customer: In 1957, Revlon acquired Knomark , a shoe-polish company, and sold its shoe-polish line Esquire Shoe Polish in 1969. Other acquisitions, such as Ty-D-Bol ,

6400-400: Was of the US investment bank Lehman Brothers Holdings Inc., which listed $ 639 billion in assets as of its Chapter 11 filing in 2008. The 16 largest corporate bankruptcies as of December 13, 2011 Enron, Lehman Brothers, MF Global and Refco have all ceased operations while others were acquired by other buyers or emerged as a new company with a similar name. ‡ The Enron assets were taken from

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