Revlon
This article was originally published in The Rose Sheet
Executive Summary
Renegotiated agreement with bank lenders permits company to retain all net proceeds from sale of "non-core assets" rather than pay down debt, according to Jan. 30 SEC filing. Sales mostly will include retail assets, from which Revlon can use proceeds to focus on "launching more innovative products" and "supporting those products with new advertising and marketing initiatives," Revlon says. Company recently announced it would close its Phoenix, Ariz. and Mississauga, Ontario manufacturing facilities and consolidate North American manufacturing into Oxford, N.C. (1"The Rose Sheet" Nov. 6, 2000, p. 5)
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Renegotiated agreement with bank lenders permits company to retain all net proceeds from sale of "non-core assets" rather than pay down debt, according to Jan. 30 SEC filing. Sales mostly will include retail assets, from which Revlon can use proceeds to focus on "launching more innovative products" and "supporting those products with new advertising and marketing initiatives," Revlon says. Company recently announced it would close its Phoenix, Ariz. and Mississauga, Ontario manufacturing facilities and consolidate North American manufacturing into Oxford, N.C. (1 (Also see "Revlon Manufacturing Consolidation Projected To Save $25 Mil.-$30 Mil." - HBW Insight, 6 Nov, 2000.)). |