Revlon seeks extension of exclusive plan filing, solicitation periods

By Sarah Lizee

Olympia, Wash., Oct. 13 – Revlon, Inc. is seeking an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the company asked the court to extend the plan filing period by 125 days through Feb. 15 and the solicitation period by 125 days through April 17, 2023.

The debtor said it consulted with the official committee of unsecured creditors, the informal group of BrandCo lenders, the informal group of 2016 lenders, and the lenders under its debtor-in-possession financing regarding the extension.

Revlon noted that the parties didn’t have complete agreement with the debtors over the length of extension.

However, the company said it needs more time to develop a value-maximizing plan of reorganization for the benefit of the estates and stakeholders.

The company said it is working to finalize its long-term business plan, which will serve as the foundation for its Chapter 11 plan negotiations.

The debtor said it expects that the long-term business plan will be delivered to key constituents prior to Oct. 27 to facilitate negotiations ahead of its restructuring support agreement and plan filing milestones on Nov. 15 and Dec. 14, respectively.

A hearing on the exclusivity extension is scheduled for Oct. 27.

The hair color products and cosmetics company is based in New York. The company filed bankruptcy on June 15 under Chapter 11 case number 22-10760.

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