Revlon Inc. received a U.S. bankruptcy judge’s permission on Monday to proceed with a $1.4 billion loan, over an objection by junior creditors who argued that its onerous terms could block their chance to recover anything from the cosmetic company’s bankruptcy.
U.S. Bankruptcy Judge David Jones in Manhattan ordered modifications to the loan in response to the junior creditors’ concerns, but said Revlon must be allowed to borrow the cash it needs to continue its operations in bankruptcy.
