The judge said Revlon’s creditors can access the wrong payment of Citi’s loan

The judge said Revlon’s creditors can access the wrong payment of Citi’s loan

Others—including Brigade Capital Management LLC, Symphony Asset Management LLC and HPS Investment Partners LLC—declined to return more than $500 million, touching off a legal dispute with the bank. The dispute stems from a mistake in August in which Citi paid off—with its own money—a nearly $900 million loan balance owed by Revlon, when only an interest payment was due. When Citi asked for the money back, some of the recipients obliged, returning roughly $385 million.

Source www.wsj.com Citi wanted the freeze to be maintained, saying it feared that even if it won on appeal, it might have difficulty recovering the money once the asset managers distributed it to their clients.

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  • The judge said Revlon’s creditors can access the wrong payment of Citi’s loan
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