Revlon has emerged from bankruptcy after filing for Chapter 11 bankruptcy protection last year in order to reorganise its debt. 

The company said in a statement it is emerging from Chapter 11 as a private firm on “strong financial footing”, having raised approximately $236 million through an equity rights offering, a new money senior secured credit facility, and new asset-based loans. 

“We look forward to unlocking the full potential of our globally recognised brands and continuing to offer our customers the iconic products they have loved for decades,” said Revlon’s president and CEO Debra Perelman. 

The company, now known as Revlon Group Holdings, has simplified its financial structure by removing more than $2.7 billion in debt from its balance sheet, leaving around $1.5 billion of debt outstanding. Former lenders now possess the majority of the company’s reorganised equity. 

Revlon has also appointed a new board of directors, which includes former Bloomin’ Brands CEO Elizabeth Smith and former Sephora CEO Martin Brok.

In addition, Revlon released preliminary financial results for the first quarter of this year, with net sales of $490 million, up from $479.6 million during the same period last year.