Revlon Inc said on Thursday that enough bondholders had taken part in its debt restructuring program for the cosmetics maker to stave off bankruptcy.
The company had warned earlier this month that it may be forced to file for chapter 11 bankruptcy protection if a certain amount of its bonds worth $342.8 million were still outstanding by mid-November, as it would trigger the accelerated repayment of other debts.
Holders of about $236 million, or 68.8 per cent, of the company’s outstanding bonds that mature in February had been tendered into an exchange offer by the end of Tuesday, Revlon said on Thursday.
Revlon offered holders either up to 32.5 cents on the dollar in cash for their bonds, or a combination of cash and new debt.
“The Company does not expect that any bankruptcy or insolvency proceeding will be necessary,” it said in a statement.
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