Reliance Industries, an Indian conglomerate, is considering buying Revlon Inc in the United States just days after the cosmetics behemoth filed for bankruptcy. The news comes after Revlon filed for bankruptcy earlier this week, citing rising raw material costs and vendor demands for upfront payments due to global supply chain delays.
Revlon filed for Chapter 11 bankruptcy protection, citing a large debt burden and a sophisticated supply network as reasons.
As it diversifies away from its traditional oil sector, Reliance has moved into the fashion and personal care industry in recent months. It has already made a name for itself in the telecommunications and retail industries.
Following the release of the study, Revlon’s stock soared 20% during premarket trading. In the Mumbai stock market, Reliance was up 1.9 percent. The company anticipates receiving $575 million in possession financing from its existing lender base, which will aid in the company’s day-to-day operations.
In what has been a years-long period of retail difficulty, Revlon is the first big consumer-facing company to apply for bankruptcy protection.
As they scurry to comply with sanctions over the Ukraine crisis and respond to the threat from the Kremlin that western assets may be taken, some Western corporations have decided to sell or hand over their Russian assets to local managers.
The moves, which are part of a larger corporate flight from Russia, are likely to raise concerns that Russian companies and institutions are snatching up valuable assets at a discount.
Employees at SpaceX who assisted in the writing and distribution of an open letter criticizing Chief Executive Officer Elon Musk’s behavior have been fired. In an internal letter to bosses, a group of SpaceX employees called Musk a “distraction and humiliation.”
When the entire sector was spooked by global economic instability, Spain’s Santander (SAN) chose Mexican-born Hector Grisi as its next chief executive officer to supervise the bank’s digital transformation and growth strategy.
First-quarter earnings were bolstered by efficiency measures implemented in Europe, as well as continuous interest rate hikes in the United Kingdom and Poland. However, more aggressive and faster interest rate hikes than projected weigh on the company’s stock.
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