Struggling beauty giant Revlon is reportedly considering a sale offer, its bankruptcy attorneys told the US Bankruptcy Court for the Southern District of New York last week.
It comes as the cosmetics company explores ways to exit from its Chapter 11 filing as quickly as possible, with it now said to be engaging with possible buyers.
According to Reuters, Revlon lawyer Paul Basta told the court that the company was ready to move onto the next stage of its bankruptcy after it managed to stabilise its relationship with vendors and complete a long-term business plan.
The publication said that the firm is exploring a possible sale of the company and has begun sending nondisclosure agreements to interested parties.
In August, Revlon received approval for a 1.4 billion dollar bankruptcy loan to aid in its strategic organisation and improve its long-term outlook.
The loan required the company and its lenders to reach a bankruptcy restructuring agreement by mid-November.
However, lawyers for Revlon’s junior creditors said that the deadline would not allow enough time for stakeholders to review the new business plan.
Revlon has until January 19 to formally propose a bankruptcy plan, with its junior creditors also expected to file a legal challenge on the company’s 2020 restructuring that allowed it to take on more debt while transitioning brands and assets to a subsidiary.