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Pastimes : The Makeup Thread

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To: sandintoes who wrote (1155)	10/4/2006 11:57:16 PM
From: richardred	Read Replies (1) of 1925

I think it might have something to do with the recent debt restructuring. Mr. PERELMAN ruined this company IMO. Things don't look good for survival IMO. Revlon Gets Agreement Avoiding Default Friday September 29, 2:59 pm ET Revlon Sidesteps Default Through Agreement With Lenders Excluding Charges From Earnings NEW YORK (AP) -- Cosmetics company Revlon Inc. said Friday a group of lenders agreed to change a loan facility to exclude some restructuring charges from earnings, making the company more likely to avoid defaulting on its debt. Revlon's Consumer Products Corp. subsidiary last week said it would record $92 million in charges related to a restructuring announced this month, threatening to raise the company's ratio of debt to earnings by reducing earnings. Under the terms of a $960 million credit facility established in July 2004, Revlon can't exceed certain debt ratios. The agreement announced Friday allows Revlon to exclude up to $75 million of the restructuring charges from its earnings before interest, taxes, depreciation and amortization, for the purposes of the loan covenant. By excluding the charges from earnings, the agreement will help Revlon avoid defaulting on the loans by increasing earnings and reducing debt ratios. Shares of Revlon fell 2 cents to $1.13 in afternoon trading on the New York Stock Exchange. biz.yahoo.com

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