Friday, August 14, 2020
Sloane & Co. represents Revlon as it battles a lawsuit by UMB Bank charging the cosmetics company wrongfully pledged key assets such as Elizabeth Arden and Almay as collateral in order to secure a $1.8B loan in 2016.
Lenders that have resisted Revlon's restructuring efforts, according to the Wall Street Journal, back the suit.
Revlon calls the suit "baseless" and "directed by a group of desperate lenders seeking to enrich themselves by harming Revlon."
While vigorously challenging the "meritless accusations," Revlon promises it "will continue to focus on successfully managing through the impacts of the global pandemic while executing against our strategic plan."
The Journal notes that Revlon, which is backed by billionaire Ron Perelman's MacAndrews & Forbes, "has been struggling with changing consumer tastes and the headwinds stemming from the coronavirus pandemic’s devastating impact on American retailing."
Sloane & Co.'s Dan Zacchei and Joe Germani represent Revlon. Their firm is part of Stagwell Group's SKDKnickerbocker operation.