Below is our initial take on recent bankruptcy-related developments:
A group of Revlon shareholders asked a bankruptcy judge to appoint an official committee to represent them, as the group feels that their interests are not being protected in bankruptcy proceedings.
S&K Take: Shares of REV are currently trading north of $6, so the marketplace seems to think that equity has some value, which is reminiscent of the Hertz case, where the debtors at one point tried to raise capital through an equity offering during the case (which never took off). Whether this is a meme stock scenario or whether real value exists remains to be seen, but it is notable regardless.
Endo International, a pharmaceutical manufacturer facing thousands of lawsuits in relation to the opioid crisis, is now in negotiations with senior leaders with the expectation that they will agree to file for Chapter 11 bankruptcy.
S&K Take: It appears as though another significant opioid case is on the precipice of...
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