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Vin87
2022-10-21

Bankrupt Meme-Stock Favorite Revlon to Be Delisted From New York Stock Exchange

Revlon Inc. shares will be delisted from the New York Stock Exchange after a surge of market interes

Bankrupt Meme-Stock Favorite Revlon to Be Delisted From New York Stock Exchange

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The stock is now expected to continue trading over the counter, according to the company, which was trading around $2 when it filed for bankruptcy but soared more than 400% the following week. It has sinceclosed at prices approaching $9.</p><p>Shareholders are generally wiped out in bankruptcy cases, except for the rare instances where debt claims can be repaid with surplus of value left over. Revlon, 85% owned by billionaire Ronald Perelman, filed for bankruptcy after struggling with a heavy debt load, tough competition and an acute cash crunch.</p><p>The NYSE had said in June that it would begin delisting proceedings, which is common when companies file for bankruptcy. Revlon said last week it had appealed the delisting decision “to protect shareholders.”</p><p>Minority owners of Revlonasked in bankruptcy court in Julyto form an official committee to represent the interests of equity holders as the company restructures. They pointed to the surging stock price, fueled by a burst of interest from individual investors, as evidence its shares have value.</p><p>A bankruptcy judgerejected that request, saying that stockholders’ interests were already represented in the bankruptcy case.</p><p>Investors who piled into Revlon have been hoping to see a repeat of theHertz Global HoldingsInc.bankruptcy. The car-rental company was delisted from the NYSE after filing chapter 11 in 2020. But the stock was in the money, and the reorganized company joined Nasdaq for its new shares after leaving chapter 11.</p></body></html>","source":"wsj_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bankrupt Meme-Stock Favorite Revlon to Be Delisted From New York Stock Exchange</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBankrupt Meme-Stock Favorite Revlon to Be Delisted From New York Stock Exchange\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-10-21 19:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/bankrupt-meme-stock-favorite-revlon-to-be-delisted-from-new-york-stock-exchange-11666309756?mod=hp_lista_pos5><strong>the wall street journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Revlon Inc. shares will be delisted from the New York Stock Exchange after a surge of market interest in the beauty-products supplier following its chapter 11 filing in June.Shares fell 5% on Thursday...</p>\n\n<a href=\"https://www.wsj.com/articles/bankrupt-meme-stock-favorite-revlon-to-be-delisted-from-new-york-stock-exchange-11666309756?mod=hp_lista_pos5\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/bankrupt-meme-stock-favorite-revlon-to-be-delisted-from-new-york-stock-exchange-11666309756?mod=hp_lista_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128558884","content_text":"Revlon Inc. shares will be delisted from the New York Stock Exchange after a surge of market interest in the beauty-products supplier following its chapter 11 filing in June.Shares fell 5% on Thursday to close at $3.90 before the NYSE said it had denied Revlon’s appeal to stay listed on the Big Board. The stock is now expected to continue trading over the counter, according to the company, which was trading around $2 when it filed for bankruptcy but soared more than 400% the following week. It has sinceclosed at prices approaching $9.Shareholders are generally wiped out in bankruptcy cases, except for the rare instances where debt claims can be repaid with surplus of value left over. Revlon, 85% owned by billionaire Ronald Perelman, filed for bankruptcy after struggling with a heavy debt load, tough competition and an acute cash crunch.The NYSE had said in June that it would begin delisting proceedings, which is common when companies file for bankruptcy. Revlon said last week it had appealed the delisting decision “to protect shareholders.”Minority owners of Revlonasked in bankruptcy court in Julyto form an official committee to represent the interests of equity holders as the company restructures. They pointed to the surging stock price, fueled by a burst of interest from individual investors, as evidence its shares have value.A bankruptcy judgerejected that request, saying that stockholders’ interests were already represented in the bankruptcy case.Investors who piled into Revlon have been hoping to see a repeat of theHertz Global HoldingsInc.bankruptcy. The car-rental company was delisted from the NYSE after filing chapter 11 in 2020. 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