Revlon files for Chapter 11
June 16, 2022
Revlon is blaming a rising debt load, supply chain disruptions and intense competition for the need to file for Chapter 11 bankruptcy protection. The company expects to receive $575 million in debtor-in-possession financing to continue operating its business. “By addressing these complex legacy debt constraints, we expect to be able to simplify our capital structure and significantly reduce our debt, enabling us to unlock the full potential of our globally recognized brands,” Revlon CEO Debra Perelman said in a statement.
Recent News
EV Battery Tax Credit Rules Change in the US
The U.S. government has made some tweaks to electric vehicle (EV) tax credits, possibly paving the way for more EVs to qualify for credits of up to $7,500. These tax credits range from $3,750 to $7,500 for new EVs, with a $4,000 credit available for used ones.
Starbucks CEO Faces Challenges Amidst Stock Decline, Sales Drop
Laxman Narasimhan, CEO of Starbucks Corp. (SBUX), finds himself in a tough spot with plunging shares and declining sales, just a year into his tenure.
Apple’s Record-Breaking $110 Billion Stock Buyback
Apple Inc., one of the world’s largest tech companies, has just made history with the largest stock buyback ever seen in the United States. The announcement comes as the tech giant’s board approved an additional $110 billion in share repurchases.
Moderna COVID-19 Vaccine Sales Drop 91%
Moderna’s only product is the vaccine that became popular during the pandemic.