After filing for bankruptcy last week, Revlon, the American cosmetics group, still does not know all its key creditors due to Citi’s $900 million data entry mistake in 2020 the Financial Times reported.
The situation, a consequence of a bizarro banking mistake, causes infighting among creditors of a debt-ridden cosmetics company.
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The collapse of Revlon was already complex. In recent months, a financial crisis has gripped the corporation long held by billionaire Ron Perelman, leaving it with only the court-supervised Chapter 11 process as a means of survival.
According to the company, the bankruptcy filing was not caused by a lack of demand for its beauty goods, or high competition, but rather by supply chain glitches, inflation, and labor interruptions, which left it short on cash and working capital.