Revlon Inc.’s effort to escape having to file for bankruptcy is pitching two Wall Street billionaires toward a showdown.
The cosmetics company, majority-owned by billionaire Ron Perelman’s MacAndrews & Forbes Inc., is working to ward off bankruptcy and protect the company’s equity by pressuring bondholders to swap out their holdings for roughly a third of their face value, in exchange for getting cash or a mix of cash and new debt.
The…
This post first appeared on wsj.com
