Free Republic

Cosmetics maker Revlon has filed for Chapter 11 bankruptcy protection, succumbing to a rising debt load, online competition and supply chain woes. Why it matters: While corporate bankruptcies remain at some of their lowest levels since 2010, the lipstick and nail polish maker could foreshadow more upheaval in the consumer discretionary sector as the U.S. braces for a possible recession. Details: The company plans to receive $575 million in debtor-in-possession financing from its existing lenders, which will allow it to continue operating. Revlon said its estimated liabilities were between $1 billion and $10 billion, according to a court filing. What...

A federal judge on Tuesday said Citigroup Inc C.N is not entitled to recoup half a billion dollars of its own money that it mistakenly wired lenders of Revlon Inc, in what he called "a banking error of perhaps unprecedented nature and magnitude." U.S. District Judge Jesse Furman in Manhattan said the Aug. 11, 2020, transfers were “final and complete transactions, not subject to revocation.” Citigroup plans to appeal. “We believe we are entitled to the funds and will continue to pursue a complete recovery of them,” a spokeswoman said. The blunder was the latest misstep involving internal controls at...

Citibank has a big problem: It mistakenly wired roughly $175 million to Brigade Capital Management, and the hedge fund hasn't returned the money. The US banking giant filed a lawsuit Monday in the Southern District of New York, seeking the return of funds that it said were transferred in an "operational mistake." Citibank said in court documents that it meant to send Brigade Capital around $1.5 million in interest payments on a loan the hedge fund made to troubled cosmetics company Revlon. Instead, it wired roughly 100 times that amount of its own funds to the hedge fund. Other Revlon...

What happens when mogul and a movie star get married? Contracts get signed, and the drama begins . . Ronald Perelman was born on New Year’s Day, 1943, and celebrates the occasion in extreme style. His annual New Year’s Eve–birthday party in St. Barts is one of the world’s most exclusive social events. The billionaire takeover artist hosts the gathering on Ultima III, his multi-million-dollar, 188-foot yacht, which he keeps docked in Gustavia harbor. In past years, Francis Ford Coppola, George Lucas, and Jerry Bruckheimer have attended the event, and for Perelman’s 60th, Barry Manilow sang “Happy Birthday.” This year,...

Environmental Protection Administration chief Christine Todd Whitman answers questions during a news conference on air quality near Clingmans Dome in the Great Smoky Mountains National Park, Monday, July 1, 2002, near the Tennessee-North Carolina border. (AP Photo/Wade Payne)