This article was originally published in The Rose Sheet
Receiving up to $2 mil. in new debt financing from holders of the company's 11-3/4% senior notes to "address immediate working capital needs," the firm announced Aug. 27. Renaissance Cosmetics is also implementing a financial restructuring through a prenegotiated Chapter 11 plan. Renaissance will convert $200 mil. in outstanding senior notes and accrued and unpaid interest into 100% of the company's common stock. All of Renaissance's outstanding preferred and common stock will be canceled, and holders of those shares will receive stock in the reorganized company. Renaissance said it "does not foresee a bankruptcy filing." The company reported a net loss of $19.2 mil. on sales of $41 mil. for the first quarter of fiscal 1998 (ended June 30). Roughly $4 mil. of the loss was related to Renaissance's operational restructuring in February...
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