Revlon Plans to Emerge from Chapter 11 Bankruptcy in April 2023

Revlon, which commenced a voluntary Chapter 11 financial restructuring supported by $575 million of new money debtor-in-possession financing last year, has shared its results for the quarter ended December 31, 2022.
 
In February, the company and some of its subsidiaries moved one step closer to emerging from bankruptcy by reaching a deal with a holdout faction of lenders. Revlon and its subsidiaries filed their proposed plan of reorganization with the U.S. Bankruptcy Court for the Southern District of New York. A hearing to confirm the Plan is currently scheduled for April 3, 2023 and Revlon is expected to emerge from Chapter 11 bankruptcy in April 2023 as a privately held company.

Fourth Quarter Financial Results

As Reported net sales were $589.8 million in the fourth quarter of 2022, compared to $615.2 million during the prior-year period, a decrease of $25.4 million, or 4.1%. The As Reported net sales decrease of $25.4 million includes unfavorable FX impacts totaling $31.6 million, resulting in a $6.2 million increase on an XFX basis.

Full Year 2022 Results

Consolidated net sales in the year ended December 31, 2022, were $1,980.4 million, a $98.3 million decrease, or 4.7%, compared to $2,078.7 million in the year ended December 31, 2021. The As Reported net sales decrease of $98.3 million includes unfavorable FX impacts totaling $85.8 million, resulting in a $12.5 million decrease on an XFX basis.