Revlon Inc. will emerge from bankruptcy under new ownership and a new board of directors that includes former executives from Bloomin’ Brands Inc., Sephora and Walgreens Boots Alliance Inc., the Wall Street Journal reported. The reorganized beauty products company’s new board was selected by Glendon Capital Management LP, King Street Capital Management LP, Angelo Gordon & Co. and Nut Tree Capital Management LP, lenders to the business that are taking control in chapter 11. Revlon’s bankruptcy ended nearly four decades of ownership by billionaire financier Ronald Perelman, who bought the company in 1985. It sought protection from creditors last year as it faced a heavy debt load, inflation and supply-chain pressures. Debra Perelman, his daughter, has been Revlon’s chief executive officer. She will remain CEO as well as a board member as it passes to new owners.
