Revlon Inc. (fka REVRQ)

[EasternTimeZone]

What about what was said in the post quoted below? If that is the case, common shareholders will most likely end up with nothing. I just want to know; what is the truth?

cjstocksup Thursday, 06/23/2022 06:23:02 PM
RE: THEMASTERS_SON post# 1753
Post# 1754 of 1763 Go

They filed BK, it was Chapter 11 total liquidation or restructuring. Shareholders would not get anything at the end according to every news article written on the shape of the company. He would not be buying the company he would be buying their assets during the BK. Nothing but bad news here. Only way to go is short or load PUT's.
"First, a very large Indian conglomerate, Reliance Industries, is considering buying Revlon according to ET Now. This has caused a lot of confusion. Reliance Industries would most likely buy Revlon's assets - not actual Revlon Inc. - under a section 363 sale. Reliance's offer, assuming it actually happens, would be the stalking horse bid and there would be an auction. This would be fairly close to what happened with JC Penney when they sold their assets in bankruptcy. The proceeds from the asset sale would be divided up under a Ch.11 reorganization plan that is expected to follow the normal priority "waterfall" for recoveries, with Revlon shareholders on the bottom."

"Way Too Much Debt
Unless there is some major positive development, it is unlikely Revlon shareholders get any recovery under a Ch.11 reorganization plan because there is just too much debt that has priority for recovery. Revlon has over $3.5 billion in debt that would have priority and that does not even include vendor claims, large bankruptcy legal fees, and DIP financing that all will have priority over shareholders."